Citing strong and effective city management and sound fiscal policies, two independent credit rating agencies have once again upgraded the City of North Las Vegas’ credit rating, this time by an astounding total of nine notches.
The City of North Las Vegas’ credit is now A-level investment grade, just six years after plummeting to junk bond status.
S&P Global Ratings upgraded the City’s utility bond rating to A+ from BBB, a four-notch bump, and its general obligation bond rating to A from BBB, a three-notch bump. Moody's Investors Service upgraded the City’s general credit rating from Baa1 to A2, a two-notch bump.
The huge jump in ratings independently affirms the City’s highly-successful economic development efforts, sound management practices, and ongoing commitment to efficiency.
The global agencies based their rating increases on the City’s unprecedented economic expansion, focus on residential and commercial development, growing population, and strong institutional framework. The agencies noted the City’s improved operations and City management’s focus on long-term sustainable practices.
"Through the vision of our Mayor and Council, thanks to our hardworking employees and the ongoing collaboration of our bargaining units, North Las Vegas has emerged from the recession stronger, with sustainable and strategic growth, so that the mistakes of the past are not repeated,” City Manager Ryann Juden said. “Certainly, there is more work to be done, but the confidence of Wall Street and surging interest from investors is a clear indication that what we’re doing to transform North Las Vegas into an economic powerhouse is working."
The City’s rating increases over the past year will result in tens of millions of dollars in accumulated interest savings to the City and taxpayers over the next several decades.