TODAY'S PAPER
25° Good Evening
25° Good Evening
Long IslandTowns

Hempstead Town retains Moody’s top rating

Hempstead Town Hall Plaza is at 1 Washington

Hempstead Town Hall Plaza is at 1 Washington St. Credit: J.C. Cherubini, 2011

Moody’s Investors Service has reaffirmed Hempstead Town’s bond rating at the highest level.

Moody’s issued Hempstead a rating of Aaa, the highest available of 10 investment-grade ratings. The agency, one of the “Big Three” credit agencies, made the announcement on Monday.

The rating will affect interest rates paid by the town when it borrows money.

Moody’s rating “reflects the town’s prudent fiscal management characterized by conservative budgeting practices, development of multiyear financial forecasts and formal fund balance policy,” the agency said in a statement. The agency also praised the town’s “large and diversified tax base” and commitment to funding capital improvements such as highway upgrades.

The town’s biggest challenge is that its general fund balance has been halved over the past four years because of “declining economically sensitive mortgage tax revenues,” Moody’s said in a statement.

“I am gratified that Moody’s Credit Rating Agency has reaffirmed Hempstead Town’s Aaa credit rating, the highest rating available,” Hempstead Supervisor Kate Murray said in a statement. “The Wall Street review is an endorsement of the sound and sensible fiscal policies of our governmental leaders.”

Above: Hempstead Town Hall

 

Latest Long Island News