Bangkok--30 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, with a stable outlook, to Clark County School District, Nev.'s series 2009B general obligation (GO) (limited tax) refunding bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating and its 'AA' underlying rating (SPUR).
"The ratings reflect our view of very strong state revenue support, maintenance of good reserve levels, growing enrollment, and low-to-moderate overall debt levels," said Standard & Poor's credit analyst Le T. Quach.
The ratings are partially offset, in our opinion, by a weakened economic base that is centered in gaming and tourism, as well as state funding pressures due to declining revenues at the state level.
The bonds are secured by the district's full faith and credit pledge to levy an ad valorem tax sufficient to cover debt service, subject to the state's constitutional limit of $3.64 per $100 of assessed value (AV). Bond proceeds will be used to refund a portion of the district's outstanding series 1999 and 2003D limited-tax GO bonds.
The district is the largest in the state of Nevada, as it serves unincorporated areas of Clark County, and includes the cities of Las Vegas, Henderson, Boulder City, and Mesquite, which is home to about 70% of the state's population, or 1.9 million of the state's 2.7 million residents. The area for many years has attracted a strong inflow of new residents, although recent data indicates that population growth has slowed.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Le T Quach, San Francisco (1) 415- 371-5013
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
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