Radnor 2020 Bond Refunding Rated Aa1 As Moody’s Notes 'Outlook Is Stable'

Press release from the Township of Radnor:

Posted on: October 26, 2020

RADNOR, PA – Global finance expert Moody’s Investment Service announced last week that Radnor Township has maintained its strong financial rating at Aa1 for the Township’s 2020 GO Bond issue, the second highest rating the firm confers. This is a refunding of the 2012 GO bonds resulting in projected savings of $1.2MM. Moody’s rating reflects the Township’s “large and affluent tax base with material institutional presence” and an “expectation that the Township’s financial position will remain healthy even with coronavirus driven declines in economically sensitive revenues”.

"We’re thrilled to announce this continued, outstanding Aa1 recognition from Moody’s,” said Township Manager William M. White. “It will save residents money any time we need to borrow funds for capital projects due in part to strong fiscal policies, good fiscal management and conservative budgeting by the Township. Many thanks to our dedicated Commissioners for their support."

Despite projected draws on Fund Balance, there is an expectation of continued satisfactory reserves. Fund Balance reserve policies enacted in prior years helped build a healthy fund balance to sustain the Township during periods of economic downturn.

“Thank you to the Radnor Township Board of Commissioners for their support of the Fund Balance Reserve Policies, a rainy-day policy of sorts, that has helped put us in this position of strength,” said Robert V. Tate, Jr. CPA, Finance Director.

To review the full report, please click here.

RADNOR TOWNSHIP DEPARTMENT OF FINANCE: The mission of the Finance Department is to professionally, ethically, and effectively manage the Township's financial resources by identifying, developing, advancing, and implementing fiscal, human resource, and administrative strategies, policies, and practices for the public's benefit.

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For more information, Press Only:

Molly Gallagher

Press Information Officer

610.688.5600 x 197

This press release was produced by the Township of Radnor. The views expressed here are the author’s own.