WEST CHESTER, PA — In a financial landscape where local governments grapple with the challenges of funding essential services and capital projects, Chester County sets a benchmark of fiscal excellence. The county has once again secured the highest bond ratings from Moody’s, Standard & Poor’s, and Fitch Ratings, a rare achievement that underscores its robust economic health and prudent financial management. This distinction not only places Chester County in the elite top two percent of counties nationwide but also marks it as the sole county in Pennsylvania to boast Triple-A ratings from all three leading rating agencies.
The implications of these stellar ratings are far-reaching for the residents of Chester County. At a recent public meeting, County Commissioners Josh Maxwell, Marian Moskowitz, and Eric Roe announced an ordinance authorizing a bond issue to fund new projects and refinance existing debt. The projects earmarked for funding include the preservation of Crebilly Farm, improvements to Ash Park in Coatesville, downtown revitalization efforts in Oxford, the preliminary design for the Chester Valley Trail P&T Corridor extension, and an upgraded fire and emergency medical services paging system.
Jamie Schlesinger of PFM Financial Advisors illuminated the significance of the reaffirmed Triple-A status, explaining that it enables the county to refinance a 2014 bond issuance at exceptionally low rates, unparalleled by any other municipality in Pennsylvania. This strategic refinancing is anticipated to save an estimated $1.85 million, showcasing how superior credit ratings can translate into tangible financial benefits.
Josh Maxwell, Chair of the Chester County Commissioners, emphasized the direct impact of these ratings on the county’s ability to invest in capital projects vital for enhancing the safety, health, and wellbeing of its residents. The lower interest costs associated with Triple-A ratings facilitate more cost-effective borrowing, stretching taxpayer dollars further and allowing for the implementation of projects that might otherwise be unaffordable.
Commissioner Marian Moskowitz highlighted the county’s commitment to maintaining strong financial practices, a discipline that has sustained its Triple-A status for over 15 years. This exceptional track record grants Chester County the advantage of securing the lowest possible cost of debt, enabling the funding of crucial projects that benefit the community.
The rating agencies themselves have lauded Chester County’s financial management and economic growth. Moody’s Investors Service pointed to the county’s expanding tax base and robust financial policies as key factors ensuring a healthy financial position. Standard & Poor’s praised the county’s growing economy and comprehensive financial management practices for contributing to a very strong financial profile. Similarly, Fitch Ratings recognized Chester County’s stable economy, characterized by high wealth levels and low unemployment, as foundational to its financial resilience through economic cycles.
Commissioner Eric Roe underscored the importance of the objective confirmation by all three ratings agencies as a testament to the county’s exemplary financial practices. This achievement is a collective effort, with the county’s administrative and financial staff playing a crucial role in upholding the standards that have consistently earned Chester County its Triple-A ratings.
For the residents of Chester County, the reaffirmation of these ratings is more than a badge of honor; it’s a promise of continued investment in their community’s infrastructure and services. In a time when financial prudence is more critical than ever, Chester County stands out as a model of fiscal responsibility, leveraging its exceptional creditworthiness to enhance the quality of life for all its residents.
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