The Town of North Hempstead has announced that the independent Wall Street bond rating agency Moody’s Investors Service has assigned a Aaa rating to the Town’s $12.9 million Public Improvement Serial Bonds (2021 Series A). This is the highest rating provided by Moody’s.
Moody’s also maintained a Aaa rating on the town’s outstanding general obligation limited tax, with a stable outlook. This represents the 10th consecutive instance in which the town has maintained its Aaa bond rating with Moody’s since becoming a Aaa bond rated municipality in March of 2017.
Moody’s stated: “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.”
“We appreciate Moody’s once again recognizing the Town’s hard work in maintaining a fiscally conservative budget, while still ensuring outstanding services for residents,” said Town Supervisor Judi Bosworth. “Ultimately, this will result in benefits and savings for our taxpayers.”
Moody’s also cited:
· The Aaa issuer rating reflects a healthy financial position
· Despite some coronavirus related revenue losses, reserves are not likely to be materially impacted given the town’s conservative budging
· Management continues to estimate that all major funds will end the year with balanced, if not surplus, operations
