Hempstead Village gets 'A' bond rating by S&P

The Village of Hempstead. The Village of Hempstead. Photo Credit: J.C. Cherubini, 2011

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Standard & Poor's Ratings Services has assigned an "A" long-term rating to the Village of Hempstead's series 2013A general obligation bonds and series 2013B refunding serial bonds, pointing to a stable outlook on its overall finances.

In the report released Wednesday, S&P also affirmed its "A" rating on the village's existing general obligation debt. The agency cited its expectation that the village will continue to maintain good reserve levels within the two-year outlook horizon.

"A" is the agency's third-highest rating, with "AA" next and "AAA" the best.

"The financial outlook for our future remains strong, and will continue to improve as we embark on a downtown redevelopment project that will attract hundreds of new businesses to our community," newly re-elected Mayor Wayne J. Hall Sr. said in a statement.

The report noted the village's strong regional economy and improved financial position since the implementation of a recovery plan that included issuing deficit bonds in 2007.

S&P also recognized Hempstead's improved tax collections, bolstered by annual tax lien sales, and its "moderate" debt burden.

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At Wednesday's meeting, the village board unanimously approved the emergency purchase of 15 fire hydrants from Pollardwater.com, based in New Hyde Park, at $2,350 each. About 10 will be installed, leaving five as backups in emergencies.

The board also set a public hearing on the Hempstead Community Development Agency's budget for April 2 at 5:30 p.m. at Village Hall.

The hearing will be on the proposed use and allocation of funds from the Department of Housing and Urban Development's Community Development Block Grant.

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