Opinion: Radnor's Credit Ratings Facts

The following was submitted to Radnor Patch by Radnor Township Commissioner John Nagle.

At a meeting of the Planning Commission on Monday October 7th, Ms. Leslie
Morgan spoke in regard to the Ardrossan Modified Density application. In her comments Ms. Morgan made two statements which I believe need to be
corrected. These statements were that Radnor's credit rating had been
downgraded and that Radnor's credit rating was lower than the surrounding
communities.

Here are the facts:

The Twp. WAS downgraded in 2007, after 4 years of operating deficits during which time Fund Balance went down to $1.4 MM from $6 MM.

As part of a Global Scale Revision, across the entire USA, the Twp. was
upgraded to Aa1 on 4/23/2010 - where it has remained through 3 successive and rigorous reviews (in 11/2010, 2012 and again in 2013.)

Surrounding Communities

High Ratings:

Lower Merion = Aaa

Tredyffrin = Aaa

Upper Merion = Aaa

 

Same rating:

Willistown = Aa1 same as Radnor

 

Lower ratings:

Haverford Twp = Aa2

Easttown Twp = AA minus (equivalent to AA3)

Marple Twp = AA (equivalent to AA2)

 

It is important to note the following when reviewing the communities with
higher ratings:

Lower Merion has Gladwyne and City Avenue Commercial District

Tredyffrin has the Chesterbrook Corp Center and Vanguard, etc.

Upper Merion has the  K of P Mall

 

Furthermore, it is possible that, with an improving economy and continued
aggressive management, the Twp could achieve a "Aaa", which, by the way is a single step up from our current ratings. 

It is important that folks who provide testimony to our Boards and
Commissions get there facts straight before making claims in support of
their position.

Note: these statements can be viewed at the following YouTube site during
the first few minutes of the recording:

https://www.youtube.com/watch?v=aY9g9KCyHKM