Standard & Poor's Ratings Services lowered its rating on Clark County Airport Department of Aviation, Nev.'s airport system subordinate-lien revenue bonds series 2005A-1, issued for Las Vegas McCarran International Airport, to AA/Watch Neg/A-1 from AA/Watch Neg/A-1+. The downgrade is due to the substitution of the standby bond purchase agreement (SBPA) provided by Bayerishe Landesbank for a letter of credit (LOC) provided by Bayerishe Landesbank (A-1). The LOC became effective July 7, 2008. The LOC will only provide coverage for tenders and will not provide coverage for credit events; therefore, the long-term component of the rating of the bonds will remain the same as the rating of the bond insurer, MBIA. The substitute LOC provided by Bayerishe Landesbank will expire on...
Companies mentioned in this report are: Las Vegas McCarran Intl Arpt,Clark Cnty Arpt Dept of Aviation
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