New York, April 01, 2014 -- Moody's Investors Service has downgraded the Town of Hempstead, NY's general obligation rating to Aa1 from Aaa; the outlook is stable. The downgrade affects $349 million of debt secured by the town's 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). This action concludes a review for possible downgrade that Moody's had initiated on January 15, 2014 in conjunction with our new local government general obligation methodology.
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