CARSON CITY - The Nevada Department of Transportation, in conjunction with the State Treasurer's Office, announced that Standard & Poor's Ratings Services has raised its ratings on Nevada's $441.4 million in highway revenue bonds from AA+ to AAA, the highest possible credit rating.
S&P cited the state's strong coverage of maximum annual debt service, strong legally-protected pledged revenue, flexible financing plan and NDOT's ability to utilize a high share of federal transportation funds the state is eligible for.
The rating service also called the state's highway program "a well-run program that leverages federal funding but is positioned to scale back should federal transportation funding become jeopardized in Congress."
S&P noted the state's "highway revenue bond program weathered the Great Recession with minimal impact on its ability to retire its debt obligations."
The rating upgrade also applies to the state's upcoming sale of $100 million Highway Revenue (Motor Vehicle Fuel Tax) Bonds Series 2014 which will be offered on or about Feb. 26 and will be on parity with the state's existing highway revenue bonds.
The 2014 bonds will be used primarily for the acquisition of right-of-way for Project NEON, a multi-phase project to boost safety, mobility and accessibility in the most heavily traveled corridor in the state, from the U.S. 95/I-15 interchange to Sahara Avenue in Las Vegas.[[In-content Ad]]
