MOODY'S ASSIGNS Aa1 RATING TO CLARK COUNTY, NV'S GENERAL OBLIGATION (LIMITED TAX) LAS VEGAS CONVENTION AND VISITORS AUTHORITY TRANSPORTATION BONDS

Posted on: December 18, 2009, 6:02 pm

NEW YORK, Dec 18, 2009 -- Moody's Investors Service has assigned a Aa1 rating to Clark County, Nevada's General Obligation (Limited Tax) Las Vegas Convention and Visitors Authority Transportation Bonds (Additionally Secured With Pledged Revenues), Series 2010A (Taxable Direct Pay Build America Bonds) and General Obligation (Limited Tax) Las Vegas Convention and Visitors Authority Transportation and Refunding Bonds (Additionally Secured With Pledged Revenues), Series 2010B being issued in the aggregate amount of approximately $126.3 million. The Aa1 rating and stable outlook affects approximately $188.7 million in double-barreled general obligation debt issued by the county on behalf of the authority, including the current offering. The current offerings are secured by the full faith and credit of the county subject to the constitutional and statutory limitations on the aggregate amount of ad valorem taxes in Nevada. The current offerings are additionally secured by a pledge of revenues attributable to the Las Vegas Convention and Visitors Authority (LVCVA) net of the authority's convention facilities expenses. The bonds fund a portion of the authority's share of transportation improvements to Interstate 15 and will also refund $24.85 million of the outstanding Series 1998A general obligation/revenue bonds for debt service savings. The Aa1 limited tax rating primarily reflects the county's favorable long-term credit characteristics including a continued healthy financial position despite revenue declines in fiscal 2009 and 2010, conservative budgeting practices and a notable level of spending flexibility which provides an ample financial cushion during the current recession, and a manageable level of debt, much of which is paid from dedicated revenue sources. Moody's notes that these strengths help mitigate the potential fiscal 2010 budgetary risks associated with the county's concentrated economy, which in the current downturn is having a negative effect on certain tax revenues and a negative effect on the growth in taxable values...

Login to your account

Email address:
Password:

Become a member

Register for a MunicipalBonds.com account to get access to a whole new way of tracking, analyzing, and researching bonds.

   Keep track of bonds you own
   Get ratings from S&P for all rated municipal bonds
   View issue history reports
   Access our price archives
...And much more

Register now »

We are providing certain data supplied to us by the Municipal Securities Rulemaking Board ("the Service") without warranties or representations and on an "as-is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. You shall bear all risk, related costs and liability and be responsible for your use of the Service.

The transaction data provided through the Real-Time Transaction Subscription Service represents municipal securities transaction data made available by brokers, dealers, and municipal securities dealers to the MSRB and related information. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information.

The MSRB, its officers, directors, employees, agents, consultants, and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside of their control, including the Internet: (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental, or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The MSRB and its officers, directors, employees, agents, consultants, and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. The MSRB, its officers, directors, employees, agents, consultants, and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles, referred to or described in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive license. The MSRB accepts no responsibility for the accuracy of the reproduction of the Service or that Service is current.