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S&P cuts North Las Vegas, Nevada's GO debt rating to BBB-plus
August 6, 2013 / 3:36 PM / 4 years ago

S&P cuts North Las Vegas, Nevada's GO debt rating to BBB-plus

Aug 6 (Reuters) - 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 outlook.

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.

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