Media Release

Friday, September 05, 2008
For Immediate Release
Communications

Contact: Diana Paul
Telephone: 229-6501

City Of Las Vegas’ Redevelopment Agency Bond Rating Improves

The city of Las Vegas Redevelopment Agency this week had its bond rating increased to A by Standard & Poor’s, one of the largest bond rating agencies in the world. The rating increase from a BBB+ was attributed to the “continued strong assessed value growth that has contributed to reduced taxpayer concentration and lower tax base volatility,” said Standard & Poor’s credit analyst Le T. Quach. “The ratings are additionally supported by projected good maximum annual debt service coverage.”

The bond proceeds will be used to finance redevelopment projects and low income housing projects.

The stable outlook reflects Standard & Poor’s expectation that the Redevelopment Agency will continue to prudently manage its resources as a catalyst for redevelopment projects, while maintaining adequate financial reserves.

“The city is very pleased that the financial community is recognizing the results of the City Council’s efforts to revitalize the redevelopment area in downtown Las Vegas with a two-step upgrade,” said City Manager Doug Selby. “The upgrade will save the RDA interest cost and enable it to maximize bond proceeds for vital projects.” 

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