For Immediate Release
Reno, Nevada. March 11, 2014. Standard & Poor's Rating Services has affirmed Washoe County's AA general obligation bond rating with a stable outlook.
"Although Washoe County has faced continued financial challenges fueled by the tough local and national economy in the past several years, these latest AA bond ratings are among the highest bond ratings of any northern Nevada local government," said the Board of County Commissioners Chairman David Humke. "This is additional confirmation that the County and the region continue on the path of economic recovery."
As a Credit Rating Agency (CRA), Standard & Poor's issues independent credit ratings for the debt of public and private corporations. It is one of several CRAs that have been designated a nationally recognized statistical rating organization by the U.S. Securities and Exchange Commission. The AA rating indicates a very strong capacity to meet financial commitments. Washoe County has earned the AA rating since 2009 when S & P upgraded the rating from an AA-.
"The S & P rating is close to the top of the investment grade of bonds, which means stable income and more safety for individual or institutional investors," said Washoe County Manager John Slaughter. "A strong rating means our bonds are available to more investors, are more competitive, and would be expected to cost less to the County when we need to finance our capital projects."