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NASSAU (COUNTY OF) NY - Moody's Research Report
Moody's assigns A2 to Nassau County, NY's $92M GO Bonds Series 2013C&D
Posted on: November 26, 2013, 8:30 pm
NEW YORK, November 26, 2013 --Moody's has assigned a A2 rating to Nassau
County's (NY) $90.9 million General Improvement Bonds, 2013 Series C and
the $1.1 million General Improvement Bonds, 2013 Series D (federally
taxable). The bonds are secured by a general obligation pledge as
limited by the Property Tax Cap - Legislation (Chapter 97 (Part A) of
the Laws of the State of New York, 2011). Concurrently, Moody's
currently maintains a A2 rating and stable outlook to various general
obligation bonds issued by the county; the county currently has $1.6
billion in GO debt outstanding. Additionally, we currently maintain a
Baa1 rating on $11.6 million of the county's Regional Off-Track Betting
Corporation's (NROTB) Revenue Bonds. The series C bonds will be issued
primarily for capital projects ($50 million), tax certioraris ($35
million) and termination pay ($7 million). The series D bonds will be
issued for capital projects. The bonds were approved by the Nassau
County Interim Finance Authority, a requirement for issuance, on
November 25, 2013...
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