Bangkok--2 Nov--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA+' rating to Clark County, Nev.'s $107.565 million general obligation, or GO, (limited-tax) transportation refunding bonds (additionally secured by pledged revenues), series 2009A, and $12.825 million general obligation (limited tax) transportation refunding bonds (additionally secured by pledged revenues), series 2009B-3. At the same time, Standard & Poor's affirmed its 'AA+' rating and underlying rating (SPUR) on the county's outstanding general obligation (GO) debt and its 'AA' rating on the county's lease revenue bonds. The outlook is stable.
"The ratings reflect our view of the regional economy's very strong long-term underlying credit fundamentals, including robust tax base and employment growth and strong income and wealth indicators," said Standard & Poor's credit analyst Paul Dyson. "While the county has been affected by the current economic downturn, its reserve position remains very strong due to historically robust growth trends and management's strong financial management practices."
Series 2009A bonds proceeds will be used to refund a portion of the county's outstanding series 1998A GO (limited-tax) transportation refunding bonds and a portion of its outstanding series 2008A1 and 2008A2 GO (limited-tax) transportation commercial paper notes. The series 2009B-3 bonds are being issued to refund the county's outstanding series 1998B GO (limited-tax) transportation refunding bonds.
Strong growth in the Las Vegas Valley over the past few decades has put increased demands on the county's transportation system. To address these infrastructure needs and to provide for future growth, the county developed a comprehensive Master Transportation Plan to identify its needs for transportation improvements, including a plan to finance the improvements. The financing plan, approved by voters in November 1990, includes the levying of various taxes to fund transportation projects, including beltways, resort corridors, state and federal highways, mass transit, regional and neighborhood streets, and airport access roads.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
USPF Criteria: "Appropriation-Backed Obligations," June 13, 2007
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:
David Wargin, New York (1) 212-438-1579, [email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
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
[email protected]