Moody's Reaffirms North Hempstead Town's Bond Rating

NORTH HEMPSTEAD, NY — Moody's Investors Service maintained the Town of North Hempstead's top bond rating with a stable outlook for the fourth consecutive year, Town Supervisor Judi Bosworth announced Wednesday.

The Town's Aaa rating is the highest rating a municipality can attain from Moody's, an independent Wall Street bond rating agency.

Moody’s noted the Town’s “healthy financial position” and its “manageable debt burden” as determining factors in again achieving this rating.

“At a time when so many municipalities are experiencing severe financial challenges, we are truly proud to once again be recognized by Moody's for our strong fiscal management,” Bosworth said. “Our Aaa rating will continue to translate into savings for our hardworking taxpayers.”

Town Comptroller Tania Orenstein added, “While the pandemic certainly creates challenges for all municipalities, Moody's specifically stated that shortfalls brought on by the current public health crisis are not likely to have a material impact on our long-term credit quality.”

The agency assigned the Aaa rating to the Town’s $31.2 million Public Improvement Serial Bonds - 2020 Series A and $7.5 million Public Improvement Refunding Serial Bonds – 2020 Series B.

Concurrently, Moody's has assigned a MIG 1 rating to the Town’s $15.5 million Bond Anticipation Notes – 2020 Series B. The bonds will provide new money for various capital projects throughout the town.