Aug 6 Standard & Poor's Ratings Services late on
Monday said it cut North Las Vegas, Nevada's limited-tax general
obligation bond rating to BBB-plus, from A, with a negative
The rating action reflects the city's second year of
structural imbalances that "which were partially resolved with
changes to labor agreements under a declaration of a 'state of
emergency' that is now pending litigation," the rating agency
said in a statement.
S&P said the negative outlook reflects the possibility of
additional budgetary pressure and continued structural
imbalances caused by the pending labor dispute.
In July, Moody's Investors Service downgraded the city's GO
limited tax bond rating to junk status to Ba1 from Baa2, citing
the city's persistent and large operating challenges.
It also cited the city's weak financial position and tension
with labor groups resulting in a declaration of a state of
emergency for fiscal 2014.