North Las Vegas credit rating improves to investment grade
A bump in North Las Vegas’ credit rating brings the city to “investment grade” status for the first time in six years, according to an updated analysis released Tuesday by S&P Global Ratings.
The city is now rated BBB with a stable outlook, up two notches from the BB+ rating designated last year, officials with S&P Global Ratings said. North Las Vegas bonds fell to junk status during the recession, but officials have worked to repair the city’s credit over the last few years.
An improved credit rating could potentially help North Las Vegas save millions of dollars on bonds to pay for new projects, along with refinancing existing loans, city officials said.
The two-level ratings jump was attributed to the city’s increased residential and commercial development and growth in assessed value, according to S&P Global Ratings.
Last year, the City Council managed to wipe out North Las Vegas’ long-term $172 million deficit.
“To those who were skeptical, the impossible has now happened,” Mayor John Lee said. “North Las Vegas is moving forward with leaps and bounds.”
Contact Art Marroquin at amarroquin@reviewjournal.com or 702-383-0336. Find @AMarroquin_LV on Twitter.
