Chester County Republican Leadership delivers Triple Aaa (1 of 24 counties nationwide)
November 16, 2009
EDITORS: The following is for immediate release. If you have any questions, please contact Robert Brooks, Executive Director of the Republican Committee of Chester County, at 610 696-1842.
Republican Leadership in Chester County
Results in AAA Bond Ratings from
Standard & Poor’s, Fitch Ratings, Moody’s
Chester County taxpayers will save millions because of GOP fiscal policies
WEST CHESTER _ Chester County government, under the direction of decades of Republican leadership, received three AAA bond ratings from prestigious, internationally recognized companies in the past week.
“The citizens of Chester County consistently re-elect Republican candidates because of the proven quality of leadership and fiscal management,” Republican Committee of Chester County Chairman Skip Brion said. “The AAA bond ratings will mean county tax payers will save millions of hard-earned tax dollars.”
Brion praised the work of Commissioner Chair Terence Farrell and Commissioner Carol Aichele along with Controller Val DiGiorgio and the senior management staff of the county. “Good leadership is good politics and that is exactly what the Republican Party has achieved,” Brion said.
The AAA bond ratings were received from Standard & Poor’s, Fitch Ratings and Moody’s.
“Receiving AAA ratings from the three top bond rating agencies is great news for Chester County, as well as for our school districts and municipal governments that will also benefit from this rating achievement,” Chair Terence Farrell said. “The Standard & Poor’s and Fitch endorsements, along with Moody’s renewed approval, place Chester County in a league of its own in Pennsylvania, and one of only 24 counties across the nation.”
The county expects the AAA bond ratings will result in millions of dollars in savings in the coming years. Earlier this year, the county saved $10 million on the sale of general obligation bonds with only the Moody’s Aaa rating.
“Receiving the highest rating reflects the county’s philosophy of managing for results,” said Commissioner Aichele. “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 to fund important initiatives such as open space preservation and parks expansion.”
Standard & Poor’s report cited the county’s strong management practices, highlighting management policies including quarterly reports to elected officials and the voting public on budgeted numbers compared to actual results, and multiyear financial forecasts for all tax-supported funds. Standard & Poor’s also recognized the county’s large and diverse tax base.
Fitch reported, “The `AAA’ rating reflects the county’s solid financial operations and reserve levels, fiscally prudent management, planning strategies and policies, as well as its high wealth and income levels.”
“Chester County’s government is in good hands with Republican leadership,” Brion concluded. “In these challenging economic times, the GOP has well-served the voters and citizens of the county.”
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