Town of Hempstead Credit Upgrade
Hempstead Town Receives Wall Street Credit Rating Upgrade:
Town Earns Highest Rating In State
While recent newspaper articles have detailed the troubled finances
of several municipal governments, Hempstead Town has just received a
recognition from financial experts as a beacon of fiscal strength and
responsible budgetary management. Supervisor Kate Murray has announced
that respected Wall Street credit rating agency Standard and Poors has
upgraded the township's credit rating to the highest level that
exists. The upgrade from AA+ to AAA distinguishes Hempstead Town as
the highest rated township in New York State.
"We've worked hard to earn the highest credit rating that is
awarded," said Murray. "My administration has planned for economic
challenges and has remained accountable to taxpayers."
In awarding Hempstead its top credit rating, Standard and Poors
credit analyst Eden Perry stated, "This upgrade reflects the town's
consistently strong financial profile maintained by conservative
The credit rating agency also termed the township's fiscal outlook
as "stable" in recognition of the administration's strong financial
position, despite the economic slowdown and deflated mortgage tax
revenues. Hempstead's rating upgrade places it a full four grades
higher than Nassau's often-heralded ratings.
Town Comptroller John Mastromarino observed that other local
governments have blamed the economy and the drop in mortgage tax
receipts for their gloomy fiscal outlooks, while Murray had shown
unique foresight in planning for current economic trends. "Kate Murray
deserves genuine credit for crafting conservative budgets, controlling
costs, monitoring departmental spending and adjusting budgeted revenue
amounts for 2008 to avoid budget surprises," stated Mastromarino. "I
know that's why she is respected on Wall Street and has earned the
highest credit rating available."
Murray emphasized that the town has maintained all services while
controlling costs through instituting work shifts, establishing cost
reduction goals for managers and aggressively pursuing grants and
revenues from other levels of government.
"Strict fiscal management has been a painstaking task," said
Murray, "but the rewards to local taxpayers have made it a worthwhile
"I will continue to do everything possible to maintain the respect
of Wall Street and justify the trust of neighbors on Main Street,"