“Firing on all cylinders financially and administratively” is how Mark Rupsis, Chester County’s chief operating officer, described the county’s status after repeating a trifecta of top bond ratings.
In a 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, a county press release said.
The Chester County Commissioners approved a bond issue to refinance debt and fund the county’s five-year Capital Investment Program, which includes the new emergency voice radio system. The refinancing portion of the issuance will result in a projected savings of more than $4 million, the release said.
“Triple-A ratings bring the interest rate associated with the cost of borrowing down significantly,” explained Commissioners’ Chairman Ryan Costello. “There’s no more objective, comprehensive and validating measure of our excellent financial management than these ratings and the analysis underlying the ratings.”
In reconfirming its Aaa award to Chester County, Moody’s Investors Service said “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, and Fitch Ratings reported that the county benefits from a stable and diverse employment base and effective financial stewardship.
The pricing and sale of the bonds will take place on Nov. 13.
