Favorable market conditions combined with the reaffirmation of three Triple-A bond ratings resulted in refinancing savings of more than $5.4 million for Chester County government on Tuesday, March 17, 2015.
When it announced the ordinance to authorize a bond issue last week, Chester County government noted a potential savings of $3.5 million on the refinancing portion of the issuance.
Reflecting on the results of the refinancing deal at this week’s Commissioners’ Meeting, Chester County Chief Operating Officer Mark Rupsis said: “We achieved these savings because of the actions of members of our Finance department who were able to quickly secure the reaffirmation of all three triple-A bond ratings, and the swift efforts of our legal representatives, bankers and financial advisor.
“This teamwork allowed us to capture great low interest rates in the market.”
Chester County is the only county in the Commonwealth of Pennsylvania with three Triple-A Bond Ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings. The continued Triple-A ratings from all three agencies reflect Chester County’s success in achieving and maintaining its strategic plan priority of Smart Financial Management.
