Moody's Investors Service has assigned an A2 rating to the $180.0 million Clark County (NV) Junior Subordinate Lien Revenue Notes, Series 2013C-1 and a MIG-1 rating on the $120 million Junior Subordinate Lien Revenue Notes, Series 2013C-2. It has also affirmed the airport's outstanding $984.2 million senior bonds rated Aa2, $3.0 billion subordinate lien bonds rated A1, and $71 million third lien jet aviation fuel tax refunding revenue bonds rated A2. The outlook for all revenue bonds remains stable.
The MIG-1 rating is based on the airport's financial liquidity and Moody's expectation that the airport will continue to enjoy ample market access for the refinancing of these notes in one and two years. Moody's assessment of market access is based on the airport's long-term senior lien rating of Aa2 and the frequency with which the airport has accessed the market in the past, though we note that the take-out financing has not been approved by the airport's board.
The Aa2 rating for senior bonds is based on very strong senior lien DSCR. The A1 rating for subordinate bonds and A2 rating on third lien bonds are based on the overall strength of the airport's financial operations, and forecasted senior & subordinate DSCR of approximately 1.40x through FY 2016.
Moody’s rates Clark County notes A2
