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City of Las Vegas maintains AA bond rating

Updated Thursday, Nov. 10, 2011 | 6:52 p.m.

The city of Las Vegas’ bond rating was maintained at AA with a stable outlook by three national ratings agencies, the city said Thursday.

Standard & Poor, one of the ratings agencies, along with Moody’s Investors Service and Fitch, pointed to the city’s strong reserve levels and low debt as reasons for maintaining the rating.

“The stable outlook reflects our expectation that in the next two years Las Vegas will continue to maintain strong financial reserves, and manage its budget so as to restore fiscal balance as necessary,” the Standard & Poor report stated.

The stable bond rating means the city will be able to borrow money at a lower interest rate.

The city recently issued $27.6 million in tax-exempt bonds at a 2.57 percent interest rate to help pay for the installation of LED streetlights and fire protection projects, according to a statement.

The city also issued a $3.66 million taxable bond at a 3.23 percent interest rate to pay for the planning and design costs of the planned remodel of the Historic Fifth Street School.

CORRECTION: This story has been corrected. In an earlier version, the taxable bond was listed at 2.2 percent. It has been changed to 3.23 percent. | (November 10, 2011)

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