Clark (County of) NV: Update to credit analysis - Moody's Global Credit Research

Clark (County of) NV: Update to credit analysis

Clark (County of) NV: Update to credit analysis - Moody's Global Credit Research
Clark (County of) NV: Update to credit analysis
Published Jun 30, 2021
10 pages (5401 words) — Published Jun 30, 2021
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Brief Excerpt:

...Clark County, Nevada's (Aa1 stable) strong management team and robust balance sheet will continue to help it manage the economic and financial challenges from the coronavirus pandemic. Management's swift and proactive budget and operational adjustments in the face of projected revenue declines have put it in an excellent position to continue to address ongoing impacts of the pandemic while maintaining a strong financial profile. While the local economy was hit hard by the closures of the resorts and casinos as well as the decline in travel, recent activity and increasing vaccination rates point to continued economic recovery that will help drive increasing revenue. In addition to expected recovery, property tax values have continued to grow providing a healthy revenue base that helps make up for other, more economically sensitive revenue that will recover more slowly. While full recovery is some time off, the county is in a good position to maintain its strong credit position while it manages...

  
Report Type:

Credit Opinion

Company:
Issuer
Clark (County of) NV
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Clark (County of) NV: Update to credit analysis - Credit Opinion – 2022/04/14 – US$ 250.00 – ...Clark County, Nevada's (Aa1 stable) strong management team and robust balance sheet continue to support managing through lingering economic and financial uncertainty from the coronavirus pandemic. While the county's tourism and gaming-driven economy took a large hit throughout the pandemic, recent activity has begun to approach pre-pandemic levels and will drive economic recovery. The county's exceptionally large and growing tax base will continue to be a steadying credit factor, and we anticipate growth to continue for the foreseeable future. The county's reserve position is healthy and, though we anticipate some expenditure pressures in the near-term given deferral of expenses during the pandemic, we anticipate that the county's conservative budget management and better than anticipated revenue environment will produce strong fiscal results. Debt is manageable however pension liabilities are elevated and likely to grow....

Moody's assigns Aa3 to the RTC of Southern Nevada's (NV) indexed motor vehicle fuel tax bonds, Series 2022; outlook stable - Rating Action – 2022/04/04 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's places Aa2 on watch for upgrade for Clark (County of) NV, Industrial Development Revenue Bonds, (Southwest Gas Corporation Project), Series 2008A - Rating Action – 2021/10/01 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's assigns Aa1 to Clark County, NV's 2021 Bond Bank Refunding GOLT; outlook stable - Rating Action – 2021/09/29 – US$ 180.00 – ...Rating Action: Moody's assigns Aa1 to Clark County, NV's 2021 Bond Bank Refunding GOLT; outlook stable...

Moody's affirms Aa1/VMIG 1 LOC-backed ratings of Clark County, NV Industrial Development Revenue Bonds (Southwest Gas Corporation) Series 2003A - Rating Action – 2021/09/01 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's assigns Aa3 to Clark (County of) NV Airport Enterprise's Series 2021A Subordinate Lien Refunding Bonds, A1 to 2021B Junior Subordinate lien Revenue Notes; outlook is stable - Rating Action – 2021/05/20 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's assigns Aa3 to the RTC of Southern Nevada's (NV) indexed motor vehicle fuel tax bonds, Series 2021; outlook stable - Rating Action – 2021/04/09 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's affirms Aa1/VMIG 1 LOC-backed ratings of Clark County, NV Airport System Subordinated Lien Series 2008D-2B - Rating Action – 2021/02/23 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Clark (County of) NV: Reserve draw for stadium bonds does not affect credit quality - Issuer Comment – 2020/12/02 – US$ 200.00 – ...While Clark County, Nevada's (Aa1 stable) use of reserves to make a December 1 debt payment reflects the economic stress in the Las Vegas (Aa2 negative) region, the move does not materially change the county's credit quality. The county tapped reserves to make the payment on bonds used to help build Allegiant Stadium because of a decline in revenue from a hotel tax that was established to repay the debt, though the bonds are ultimately secured by the county's full faith and credit general obligation limited tax (GOLT) pledge. The reserve account remains substantial and can support continued draws to make debt payments for several years if visitor volumes remain depressed because of the coronavirus pandemic. Our rating of the bonds (Aa1 stable) is based on the county's GOLT pledge and not the hotel room tax or the reserve fund. The county on November 25 disclosed an unscheduled draw of $11.6 million on its Reserve 2018A Bond Proceeds Subaccount to make a $16.1 million payment on its General...

Moody's assigns Aa3 to the RTC of Southern Nevada's (NV) motor vehicle fuel tax refunding bonds, Series 2020C; outlook stable - Rating Action – 2020/10/12 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

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Cite this Report

  
MLA:
Moody's Global Credit Research. "Clark (County of) NV: Update to credit analysis" Jun 30, 2021. Alacra Store. Jul 23, 2024. <http://www.alacrastore.com/moodys-credit-research/Clark-County-of-NV-Update-to-credit-analysis-PBM_1292757>
  
APA:
Moody's Global Credit Research. (). Clark (County of) NV: Update to credit analysis Jun 30, 2021. New York, NY: Alacra Store. Retrieved Jul 23, 2024 from <http://www.alacrastore.com/moodys-credit-research/Clark-County-of-NV-Update-to-credit-analysis-PBM_1292757>
  
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