Town keeps straight A bond rating

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Town Supervisor Judi Bosworth, pictured here at a previous meeting, credited the Aaa bond rating to conservative budgeting and
Town Supervisor Judi Bosworth, pictured here at a previous meeting, credited the Aaa bond rating to conservative budgeting and "focused" efforts by her financial team. (Photo by Janelle Clausen)

When it comes to bond ratings, the Town of North Hempstead seems to be a straight A municipality.

The Town of North Hempstead has once again maintained its Aaa bond rating and stable financial outlook from bond rater Moody’s Investors Service, the agency announced last week.  It is the highest rating a municipality can reach.

The Aaa rating was first awarded to the Town of North Hempstead almost exactly two years ago on March 16, 2017, following a years-long uptick in its bond rating from A1 in 2002. The Aaa rating was reaffirmed in September 2017, March 2018 and September 2018.

“This fourth consecutive affirmation of our Aaa rating by Moody’s reflects the hard work by this administration and its finance team to keep the town on a solid financial footing,” town Comptroller Tania Orenstein said. 

Moody’s assigned the rating to the town’s $19.3 million of public improvement serial bonds, which will fund various capital projects throughout the municipality.

Moody’s said its conclusions are based the town’s conservative fiscal management practices, which will continue to support operations and its strong financial position, large and wealthy tax base and a manageable debt burden.

A better bond rating translates to lower interest costs for borrowing money.

“I am extremely pleased to see the town’s fiscally conservative practices and management of the town’s budget be recognized, once again, by Moody’s Investors Service with a Aaa rating,” town Supervisor Judi Bosworth said. “The town’s Aaa rating will continue to translate into savings for our hardworking taxpayers.”

Of Nassau County’s three towns, it has consistently retained the highest bond rating. The Town of Hempstead currently maintains a Aa2 rating from Moodys, while Standard & Poor’s assigned the Town of Oyster Bay a BBB- rating.

 

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