S&P Upgrades Town Of Hempstead Credit Rating

Rockville Centre NY

13 September, 2021

3:51 PM

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ROCKVILLE CENTRE, NY — The Town of Hempstead's credit rating has been upgraded. Standard & Poor's has boosted the town from AA- to AA, and praised its "strong" financial management and "conservative budgeting," according to a news release. Since Don Clavin took over as supervisor, the Town of Hempstead improved its credit standing with renowned Wall Street credit agencies-- Moody's Investors Service and Standard & Poor's. In December, Moody's awarded the town an upgrade from Aa2 to Aa1. "The hard work and dedication to the taxpayers on the part of my administration and that of my colleagues is paying dividends for Hempstead Town homeowners," Clavin said in a statement. "Earning among the highest credit ratings of any local government on Long Island is a major accomplishment. To be able to earn the upgrade at the same time as the town has frozen taxes demonstrates that strong fiscal management and the highest regard for taxpayers can go hand-in-hand." Standard & Poor's wrote in its report that they "revised our view of Hempstead's management to strong from adequate, reflecting good financial policies. "Hempstead's budgetary performance is strong in our opinion." The credit ratings boosts come on the heels of a Town of Hempstead tax freeze for fiscal year 2021 to be followed by a tax cut in the Supervisor's proposed 2022 budget. "My colleagues on the Town Board and I will continue exploring new ways to save money while ensuring we maintain the sound fiscal policies that earned the Town of Hempstead words of praise from the renowned financiers at Moody's and Standard & Poor's," Clavin said.