Reno – Standard & Poor’s (S&P) Global Ratings recently raised its long-term credit rating and the underlying rating (SPUR) from AA to AA+ on the Washoe County, Nevada series 2016A sales tax revenue refunding bonds, with an outlook of “stable”. The rating of AA+ indicates a very strong capacity to meet financial commitments, and is the second highest possible rating attainable from S&P, second only to a rating of AAA.
“The rating reflects both the strength and stability of the pledged revenue, as well as the general credit quality of the county, which collects pledged revenue and transfers proceeds to a bond fund maintained by the county,” said S&P Global Ratings Credit Analyst, Michael Parker.
Credit ratings are opinions about credit risk, the ability and willingness of an issuer, such as a corporation, state or local government, to meet its financial obligations in full and on time. The rating review assessed Washoe County’s general operations for overall creditworthiness as a key determinant of the county’s ability to pay all of its obligations, including bonds secured by a special tax.
“Washoe County is committed to ensuring fiscal sustainability through strong financial management, and we are very pleased to receive this rating upgrade,” said Christine Vuletich, Assistant County Manager for Washoe County.
S&P clearly sees the county’s creditworthiness as enhanced by the maintenance of a strong financial position, supported by what S&P considers strong financial management policies and practices.