Credit bump a ‘crowning moment’ for North Las Vegas
An international rating business this week upgraded the credit rating for North Las Vegas.
Moody’s Investors Service upgraded the city’s rating by two notches to Baa1. The city’s rating slid six notches between June 2012 and January 2014, Moody’s spokesman David Jacobson said. The recent upgrade gets the city within one grade of its June 2012 rating of A3.
Higher ratings tend to mean lower interest payments when a city makes bond payments. City Manager Ryann Juden said money that taxpayers would have spent on higher interest payments could now be used for city services.
“Five years ago, we put together a plan with an audacious goal of taking the City’s junk bond rating and making it investment-grade quality, and it is exciting to see independent analysts on Wall Street recognizing staff’s extraordinary accomplishments to turn North Las Vegas around,” Juden said in a statement.
Jacobson said the city has a positive outlook and could have its rating upgraded again within a year or two.
“The fact that the fiscal turnaround here is continuing, we find that encouraging,” he said.
According to Moody’s, improved finances and revenue, a rejuvenated Las Vegas economy, new development and a growing tax base have contributed to the city’s upgraded rating.
“This is really one of those crowning moments where you can say North Las Vegas is starting to turn the corner,” Juden said.
Contact Blake Apgar at bapgar@reviewjournal.com or 702-387-5298. Follow @blakeapgar on Twitter.
Related
North Las Vegas credit rating improves to investment grade
