Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2 - Moody's Global Credit Research

Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2

Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2 - Moody's Global Credit Research
Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2
Published Feb 27, 2024
5 pages (2530 words) — Published Feb 27, 2024
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...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...

  
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Sparks (City of) NV; Sparks Tourism Improvement Dist. No. 1, NV
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City of Sparks, NV: Update to credit analysis following upgrade of issuer rating to Aa3 and special tax to Baa2 - Credit Opinion – 2024/02/27 – US$ 250.00 – ...Sparks, NV (Aa3) benefits from a growing economy, supporting above-average resident income levels of 112% and full value per capita approaching $140,000. The city has strong fund balance and liquidity ratios of 90% and 109% of revenue, respectively, resulting from continued revenue growth and conservative budgeting, and moderate leverage at 242% of revenue and fixed costs of 5% of revenue. Sparks Tourism Improvement District No. 1, NV special tax bonds (Baa2) benefit from ongoing revenue growth and extra debt service payments under the bond's turbo clause, both of which have improved annual and maximum debt service coverage to 1.8x and 1.7x, respectively. The district has a very small and concentrated sales tax base with continued tenant turnover risk. On February 27, 2024 Moody's upgraded the city's issuer rating to Aa3 from A1 and upgraded the Tourism Improvement District No. 1 special tax rating to Baa2 from Ba1....

City of Sparks, NV: Update to credit analysis following upgrade - Credit Opinion – 2023/01/27 – US$ 250.00 – ...The City of Sparks, NV (A1 issuer rating) is supported by a large, growing tax base and slightly below average socioeconomic profile. The city is adjacent to Reno and the local economy has traditionally been volatile and dependent on the health of the greater US economy due to its reliant on gaming, entertainment and retail. The city has a narrow reserve position that should remain stable and below-average debt burden and above-average pension liability. The Tourism Improvement District No. 1's special tax bonds (TID; Ba1 positive) benefit from healthy revenue growth that performed well during and emerging from the coronavirus pandemic, resulting in improved annual debt service coverage. While current coverage is adequate, the district's debt has escalating debt service with a balloon payment at maturity that under current conditions require the usage of debt service funds for the final payment, is a distinct credit weakness. The district has a very small and concentrated sales tax base...

Moody's upgrades City of Sparks, NV's issuer rating to A1 and upgrades special tax to Ba1; revises special tax outlook to positive - Rating Action – 2023/01/27 – 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...

City of Sparks, NV: Annual Comment on Sparks - Issuer Comment – 2021/07/19 – US$ 200.00 – ... data sources; Offering statements; Moody's Investors Service EXHIBIT 4...

Moody's affirms the Ba2 on Sparks Tourism Improvement District No. 1, NV's special tax bonds; outlook stable - Rating Action – 2021/06/11 – 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...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Cite this Report

  
MLA:
Moody's Global Credit Research. "Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2" Feb 27, 2024. Alacra Store. Apr 29, 2024. <http://www.alacrastore.com/moodys-credit-research/Moody-s-upgrades-City-of-Sparks-NV-s-issuer-rating-to-Aa3-and-upgrades-special-tax-to-Baa2-PR_908508756>
  
APA:
Moody's Global Credit Research. (). Moody's upgrades City of Sparks, NV's issuer rating to Aa3 and upgrades special tax to Baa2 Feb 27, 2024. New York, NY: Alacra Store. Retrieved Apr 29, 2024 from <http://www.alacrastore.com/moodys-credit-research/Moody-s-upgrades-City-of-Sparks-NV-s-issuer-rating-to-Aa3-and-upgrades-special-tax-to-Baa2-PR_908508756>
  
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