Moody’s Investors Service has awarded a Aaa rating to the Town of North Hempstead’s $8.72 million Public Improvement Serial Bonds. It is the highest rating the agency can give out.
Moody’s maintained the Aaa rating on the town’s outstanding general obligation limited tax (GOLT), with a stable outlook, the strongest outlook possible for Aaa. This represents the 16th consecutive time in which the town has maintained its Aaa bond rating with Moody’s since becoming a Aaa bond-rated municipality in March of 2017.
“The Moody’s rating reflects the hard work of our North Hempstead team, but, more than that, it tells the story of town employees who keep an eye on the bottom line,” said Town Supervisor Jennifer DeSena. “With two years of tax cuts and strong fiscal oversight, Triple A is the North Hempstead mindset every day.”
The credit rating agency also cited:
- The stable outlook reflects the town’s conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position.
- While the town is largely built out and is not likely to grow at the same rate as the rest of the country, this is offset by the strong resident income and full value per capita.
Moody’s is a global firm that offers credit ratings, research, and risk analysis for issuers and issues in the U.S. municipal market. Their ratings help organizations create debt strategies, attract more investors, and provide investors with a comprehensive view of global debt markets.
“The Aaa issuer rating reflects the town’s stable financial operations with healthy reserve levels and strong economic profile,” the rating agency stated, also noting “conservative budgeting of sales tax revenue” that offset any losses.