LOS ANGELES — Standard & Poor's revised its outlook to stable from negative and affirmed its BB long-term rating on North Las Vegas, Nev.'s $341.7 million of limited-tax general obligation debt.
"The stable outlook is based on our view of recent positive economy conditions and the city's ability to create a balanced budget in fiscal 2016," Standard & Poor's credit analyst Bryan Moore said June 11.
The city of 222,000 has junk-level ratings from all three rating agencies.
Fitch Ratings revised the outlook to stable from negative and affirmed a B rating in April. Moody's Investors Services rates the city's bonds Ba3.
A limited pledge of ad valorem taxes secures the bonds, subject to statutory limits on an overlapping tax rate of $3.64 per $100 of assessed value. The total overlapping tax rate in fiscal year 2015 is $3.35, which is consistent with historical levels.
