Bangkok--2 Mar--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Washoe County, Nev.'s outstanding general obligation (GO) and convention center refunding bonds. In addition, Standard & Poor's assigned its 'AA' long-term rating the county's series 2009A-D limited tax GO bonds. The outlook is stable.
"The upgraded rating reflects what we consider to be good cost containment and a focus on maintaining strong reserves levels -- efforts that offset the moderate declines in revenues associated with a weakening economy," said Standard & Poor's credit analyst Ian Carroll. "Further supporting the rating is the gradual diversification of employment opportunities, strong wealth and income levels as well as a manageable debt level."
The population of 400,000 in Washoe County has experienced consistent growth as many of the residents are attracted to the area due to its quality of life and relative affordability, especially due to its low-tax status compared with California. The area retains a concentration in its leading employers in the downtown core of Reno, but regionally there are many new employment sectors that have flourished, such as transportation, warehousing and distribution, as well as tourism due to proximity to Lake Tahoe and Northern California.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Ian Carroll, San Francisco (1) 415-371-5060
Paul Dyson, San Francisco (1) 415-371-5079
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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Americas Customer Service: (1) 212-438-7280
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