The Chester County Commissioners announced today that the county has received additional AAA bond ratings from both Standard & Poor's and Fitch Ratings. Moody's reaffirmed Chester County's Aaa rating earlier this week.              

"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," Commissioners' 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."                        

It is expected that 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 Carol 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."              

Commissioner Kathi Cozzone said, "This is wonderful news for Chester County's taxpayers.  Chester County is indeed a great place to live, work and play and that was recognized by all three ratings agencies.  I am grateful to senior staff and the community leaders whose participation in this process was critical in securing this 'triple/triple'."

With offices in 23 countries and a history that dates back nearly 150 years, Standard & Poor's is known to investors worldwide as a leader of financial-market intelligence.  The agency strives to provide investors who want to make better informed investment decisions with market intelligence in the form of credit ratings, indices, investment research and risk evaluations and solutions.

Fitch Ratings is a global rating agency committed to providing the world's credit markets with independent and prospective credit opinions, research and data. The company has 50 offices worldwide and is headquartered in New York and London.  Fitch Ratings is widely recognized by investors, issuers, and bankers for its credible, transparent, and timely coverage.            

Earlier this month Standard & Poor's and Fitch officials visited Chester County for an all-day presentation. The county commissioners, senior staff members Mark Rupsis and Evelyn Walker; Dr. Denny Bolton, Director of Financial Services; Dr. Karen Florentine, Director of Human Resources and Performance Management; and Ronald Bailey, Executive Director of the Planning Commission all participated.  Also taking part were representatives of the Chester County Economic Development Council, Chester County Conference and Visitors Bureau, Chester County Chamber of Business & Industry and West Chester University, who commented on the excellent attributes of Chester County including the very favorable environment for businesses supported by a highly educated workforce.              

Within its report, Standard & Poor's noted Chester 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."              

Moody's Investors Service reported it assigned a Aaa rating with a stable outlook to Chester County's $41.3 million General Obligation Bonds, Series B of 2009 (Build America Bonds) and $61.7 million General Obligation Bonds (Refunding), Series C of 2009. "Concurrently, Moody's has affirmed the Aaa rating and stable outlook on the county's $512 million of outstanding general obligation debt, including the current offering."             

 Moody's Investors Service is among the world's most respected, widely utilized sources for credit ratings, research and risk analysis. In addition to the company's core ratings business, Moody's publishes market-leading credit opinions, deal research and commentary, serving more than 9,000 customer accounts at some 2,400 institutions around the globe.