Summary: Nevada; Tax Secured, General Obligation Aug 03
- ID: 2092179
- August 2003
- Region: Nevada
- Standard & Poors
The 'AA' rating on Nevada's bonds reflects: A growing, although heavily tourist reliant, economic base; Strong financial management with low but adequate reserves; and Moderate but growing debt coupled with strong pay-as-you-go financing efforts. The bonds are secured by the state's full faith and credit and are payable from general ad valorem property taxes levied against all taxable property within the state's statutory overlapping levy limit of $3.64 per $100 of assessed value (AV). Nevada--similar to other states--faced a relatively significant projected 2004-2005 biennial budget gap, which totaled approximately $811 million at the outset of the budget process. In January, the governor proposed a budget that closed the budget gap with nearly $1 billion in tax increases and also sought...
Companies mentioned in this report are:
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >