Chester County Commissioners are stashing $5.4 million back in the county’s coffers thanks to best-in-state bond ratings.
The move comes in concert with a bond issue funding the next five years of capital improvements; the total was anticipated to be approximately $91 million.
“No other county in the state can claim the AAA status from the three main ratings agencies,” Commissioner Kathi Cozzone said in a press release. “This gives us the advantage of producing the lowest cost of debt needed to fund important initiatives.”
The ratings agencies — Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings — credited Chester County leaders with wise and consistent financial management, budget flexibility, healthy reserves and a robust and diverse tax base.
“There is no more objective confirmation of our excellent financial management than these AAA ratings and the analysis underlying them,” Commissioner Michelle Kichline added. “Chester County’s financial practices are managed to the highest standards and are very attractive to businesses that reside here or are looking to reside here.”
Read Philly.com’s coverage of the rating renewals and bond issue here.
Update: The total amount of savings was revised this morning by the county, our current number of $5.4M in savings reflects this update.
