By MICHAEL P. RELLAHAN, Staff Writer

WEST CHESTER — Basketball junkies are known to be impressed with a player that records a "triple double" — double figures in points, rebounds and assists.

Government observers might then be said to regard Chester County with some newfound respect after it announced a rare "triple-triple" — ratings of AAA from the three of the nation's nation's top bond-rating agencies.

On Friday, the county commissioners announced the county had received additional AAA bond ratings from both Standard & Poor's and Fitch Ratings.

Moody's Investor Service reaffirmed Chester County's Aaa rating earlier last week.

"This is a great achievement," said commissioners Chairman Terence Farrell at Tuesday's commissioners' work session.

The ratings will mean a saving of taxpayer dollars spent on floating municipal bonds for capital and other long-range projects, he 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," he said earlier in a prepared statement.

"The triple-triple is good news for taxpayers," echoed Commissioner Kathi Cozzone, noting that it will help keep down the level of debt the county takes on in the coming weeks by providing for lower interest rate payments.

Commissioner Carole Aichele said that the county's bond rating shows that its officials know that "money matters.

"Chester County has borrowed responsibly and conservatively," said Aichele, a candidate for state lieutenant governor. The county ahs a new courthouse, new prison facility, new juvenile detention center, a new parking garage, a fully-funded pension plan and a successful open space grants program because of its wise financial policies, she said. "So does money matter? Yes it does," she said.

Standard & Poor's was the final link in the triple-triple, coming out with its rating on Friday after getting a presentation by county officials and community leaders on Monday.

According to a county news release, within its report, Standard & Poor's noted 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.

The release stated that Fitch's rating, which came a day earlier on Thursday after a similar presentation the week before, reported that its 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."

County officials have long trumpeted the Aaa rating that Moody's bestowed on the county. That designation put the county on a par with the best financially run county governments in the state and nation, the commissioners have said.

But the county had not until recently decided to ask for a rating by Standard & Poor's and Fitch. Farrell said the commissioners decided to do so at the urging of county Finance Director Denny Bolton.

"He took the lead on this, basically," Farrell said of Bolton. Farrell said that Bolton told them what the advantages and possible dangers to asking for the rating could be, and assembled the officials who would make the pitch to the ratings services.

Those involved included Bolton; Mark Rupsis, chief administration officer; Evelyn Walker, executive administrator; Karen Florentine, director of Human Resources; and Ronald Bailey, executive director of the county Planning Commission.

Also involved were representatives from the Chester County Chambers of Business and Industry, the Chester County Economic Development Council, West Chester University and the Chester County Conference and Tourism Bureau.

Those community agencies met with the officials of the ratings agencies to show them the business, professional and cultural aspects of the county.

According to one financial observer with knowledge of bond rating matters, the inherent risk in asking the two other rating agencies to review the county is that they would not find as strong a financial position as Moody's has. "You could wind up with a split rating," said the observer, a board members of the Pennsylvania Economy League who asked not to be identified. "That would not b a catastrophe, but it is not what you would hope for."

The observer agreed, however, that the county's top-notch bond rating could be good news for taxpayers. "The higher the rating, the lower the interest costs back to local government borrowers," he said. "It's a very good endorsement of Chester County's financial position, its demographics and its management.

"AAA s as high as you can get," he said. "It is understandable that the county would want that pubic to know about this."

Bolton said on Tuesday that the county would put its newfound strength to use soon. The county is expected to pass new bonds to refinance outstanding debt in the coming weeks — as early as next Monday depending on market conditions —- and that the new ratings could mean a savings of as much as $300,000 in lowered interest payments.

To contact staff writer Michael P. Rellahan, send e-mail to mrellahan@dailylocal.com.