Moody's Investors Service Evaluates Town of North Hempstead

Moody's Investors Service recently released a fiscal evaluation of North Hempstead and gave the Town a "positive" outlook.

The independent Wall Street bond rating agency finally upgraded the Town’s outlook to “positive” after being stuck at a “stable” rating since 2010.

Town of North Hempstead’s bond rating has gone up while other townships in Nassau County have seen their bond ratings downgraded, according to Town Supervisor Judi Bosworth.

“The upgrade in our outlook by Moody’s reflects the hard work by this administration to budget conservatively and to keep the Town on a solid financial footing, while maintaining the services that our Town residents expect and deserve," Bosworth said in a press release.

Moody’s also retained the Town’s Aa1 rating for the $13.6 million Public Improvement Serial Bonds, 2016 series.

Excerpt’s from Moody’s evaluation:

• “The positive outlook reflects our expectation that the Town will increase reserve levels modestly in fiscal 2015 and maintain balanced operations going forward. The outlook also reflects the Town’s conservative fiscal practices, which will support healthy operating performance and maintenance of a strong financial position, as well as full payment of pensions beginning in fiscal 2017.”
• “The Town is experiencing various development projects throughout its base, including residential and commercial construction in Port Washington, New Hyde Park, Carle Place, Greenvale, Manhasset and Searington. The Town is well-located adjacent to New York City, providing strong employment opportunities to residents.”
• “The Town is actively working to lower its debt burden, and its five-year capital plan includes debt issuance smaller than annual debt amortization amounts.”

Check out the evaluation here.