County’s Triple-A Bond Rating Remains As Chester County Refinances

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The Chester County Commissioners have approved a bond issue to refinance debt and fund the county’s five-year Capital Investment Program. The refinancing will likely save the county more than $4 million.

A new emergency voice radio system will be included in the Capital Investment Program.

Gordon Walker, managing director of Public Financial Management, said the county’s three Triple-A bond ratings (from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service) have been reaffirmed. The top ratings lower the cost of borrowing.

“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,” said Commissioner Terence Farrell.

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,” said Mark Rupsis, chief operating officer for the county.

The pricing and sale of the bonds was to take place on Nov. 13.

Links:   www.chesco.org

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