North Las Vegas on Monday announced a series of credit rating boosts.
According to the city, S&P Global Ratings bumped the ratings for general obligation and utility bonds. The utility bond rating increased four notches from BBB to A+, the city said. The general obligation bond rating increased three notches from BBB to A.
Last week, another credit rating agency, Moody’s Investors Service, announced the city’s credit rating improved to the upper-medium grade of A2 on its rating scale. City officials celebrated that achievement on Monday, too.
North Las Vegas slid into junk bond status during the economic downturn, but has climbed its way back to stability.
“This is a wonderful testament to the plan that was put together to save the city of North Las Vegas,” City Manager Ryann Juden said at a news conference. “We’ve accomplished in just six years what many people said was impossible.”
Rating increases are important for municipalities because they tend to mean lower interest payments on bonds.