Moody's Gives North Hempstead Highest Rating In Recent History

Moody's Investors Service recently released a fiscal evaluation of North Hempstead and gave the Town its highest rating in recent history.

The independent Wall Street bond rating agency gave the Town an Aaa rating, which is an upgrade from the Town’s Aa1 rating of a “stable outlook.”

This bond rating was assigned to the Town’s $60.7 million Public Improvement Serial Bonds, 2016 Series A and B. The Aaa rating will save taxpayer dollars and the Town says it will likely also experience more favorable rates on bonds.

“The Town’s Triple A rating is a reflection of the efforts by my financial team and each and every Town employee, who is committed to delivering services while keeping a watchful eye on the budget,” Town Supervisor Judi Bosworth said in a press release. “It’s extremely satisfying to see the Town’s fiscally conservative practice recognized in Moody’s opinion. It will translate into savings for our hard-working taxpayers.”

North Hempstead is the only town in Nassau County with an Aaa rating. Many other towns in Nassau have seen their bond ratings downgraded, the Town says.

Moody’s said: “The rating reflects the town’s conservative budgeting which supports balanced financial operations and maintenance of solid financial reserves. The rating also factors the Town’s enhanced long-term financial planning and internal controls, large and affluent tax base and low debt burden.”

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