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Nevada; General Obligation Jul 08
Standard & Poors, July 2008
Standard & Poor's Ratings Services assigned its 'AA+' rating to the state of Nevada's general obligation bonds series 2008C-G, totaling $297.6 million. In addition, Standard & Poor's affirmed its 'AA+' rating and underlying rating (SPUR) on the state's outstanding GO bonds. The rating reflects: A willingness to address a significant biennial $1.17 billion budget gap with timely budget balancing measures; The economy's concentration in gaming and tourism, a sector that continues to create jobs in Southern Nevada; and Continued construction activity along the Las Vegas Strip, which provides a degree of economic stability. The above strengths offset the following concerns: A seriously weakened economy weighted by a recessed residential real estate market; A sluggish tourist and gaming sector, which is...
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Action: New Rating
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Research Type: Full Analysis