WEST CHESTER — The Chester County Commissioners approved a bond issue to refinance debt and fund the county’s five-year Capital Investment Program, including a new emergency voice radio system.
The refinancing portion of the issuance will result in a projected savings of more than $4 million.
In his presentation to the Commissioners at their recent Sunshine Meeting, Gordon Walker, Managing Director of Public Financial Management, reported the reaffirmation of Triple A ratings from Standard & Poor’s, Fitch Ratings and an Aaa rating from Moody’s Investors Service. The continued Triple-A ratings from all three agencies reflect Chester County’s success in achieving and maintaining its strategic plan priority of Smart Financial Management.
“Triple-A ratings bring the interest rate associated with the cost of borrowing down significantly,” Commissioners’ Chair Ryan Costello said. “There’s no more objective, comprehensive and validating measure of our excellent financial management than these ratings and the analysis underlying the ratings.”
Commissioner Kathi Cozzone agreed.
“The reaffirmed approvals keep Chester County in a select group of counties in the nation that have been awarded AAA ratings,” she said.
“Chester County citizens can be assured that our county government is managed to the highest standards based on the best financial practices, which produce the lowest cost of debt so that we can fund important initiatives,” Commissioner Terence Farrell added.
In re-confirming its Aaa award to Chester County, Moody’s Investors Service noted, “Chester County’s stable outlook reflects the county’s solid financial management and consistent operation; the county’s tax base is one of the strongest in the region.”
Standard & Poor’s wrote that Chester County has a very strong economy and budgetary flexibility with consistently maintained available reserves.
Fitch Ratings reported Chester County benefits from a stable and diverse employment base and county officials have consistently demonstrated proactive and effective financial stewardship.
“These top ratings again reflect that the county is firing on all cylinders financially and administratively,” Mark Rupsis, Chester County’s Chief Operating Officer said.
The pricing and sale of the bonds will take place on November 13.
