Moody’s Investors Service, an independent Wall Street bond rating agency, assigned a rating of Aaa to the Town of North Hempstead’s estimated $16.3 million Public Improvement Serial Bonds. Aaa is the highest rating provided by Moody’s, awarded to obligations that “are judged to be of the highest quality” and “subject to the lowest level of credit risk.”
Moody’s also maintained its Aaa rating on the Town’s outstanding general obligation limited tax (GOLT), with a stable outlook. Overall, this represents the 18th consecutive instance in which North Hempstead has maintained its Aaa bond rating with Moody’s since becoming an Aaa bond-rated municipality in March 2017.
“The stable outlook reflects the town’s strong reserves, historically conservative budget management, and large and diverse tax base,” Moody stated.
“I’m so pleased that Moody’s recognized the efficiency efforts and management initiatives that we’ve implemented,” Town Supervisor DeSena said. “I pledged a town that delivers fiscal responsibility to its residents, and this confirms that we’re on the right track. Our I’s are dotted and our T’s are crossed with no stone left unturned when it comes to town finances.”