Thursday, January 15, 2009

From Triple A to Double A Ball

Standard and Poors gives Delco a mixed rating on the $28.8 million in bonds county council intends to float to finance the building of the soccer stadium in Chester.

The lower rating means the county will pay a higher interest rate on the money it borrows to help build the stadium.

Councilman Andy Lewis, an opponent of the stadium deal, says the county rating is still pretty good.

But it is all the more reason to question the wisdom of the deal.

1 Comments:

Anonymous Anonymous said...

Gil, you need to go back and re-read the ratings analysis. Delaware County was not downgraded from AAA to AA. In fact, the County maintained its excellent AA rating. The only negative statements in the analysis were that the County has used some of its rainy day fund (with plenty still left) rather than raise taxes. With all the Rendell cuts to counties, it is raining, economic-wise. It's OK to be against soccer but don't mix up the facts on the financial condition in order to try to make your point. However, I look forward to the soccer stadium and waterfront construction. Almost 3000 construction jobs; 800 permanent jobs. Something that will attract tens of thousands of people to Chester and the County on a regular basis. Sounds like a pretty good investment. Would you rather have the headquarters of a major financial institution there? At this point, which is more likely to fold??

January 17, 2009 at 10:53 AM 

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