Chester County Maintains AAA Bond Rating

The following is a press release from Chester County.

The have announced the reaffirmation of Triple A bond ratings from Standard & Poor’s, Fitch Ratings, and an Aaa rating from Moody’s Investors Service.

“This is great news for Chester County,” Commissioners’ Chair Terence Farrell said. “By retaining our AAA ratings from the three top bond rating agencies, our school districts and municipal governments will also benefit. The reaffirmed approvals keep Chester County in a select group of counties in the nation that have been awarded AAA ratings.”

News of the reaffirmed ratings comes at a time when the County is issuing general obligation bonds, the primary purpose of which is to borrow funds for capital projects within the Department of Emergency Services – notably the purchase of radio and other communications  equipment. The AAA and Aaa ratings bring the interest rate associated with the cost of borrowing down significantly.

Commissioner Kathi Cozzone said, “Chester County’s taxpayers will benefit from the top ratings. The cost of borrowing to fund critical projects in the county will be lower which is particularly important in these difficult economic times.”

“The county has an outstanding record of managing for results. The bond ratings came about because of the county’s management philosophy,” said Commissioner Ryan Costello. “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.”