KBRA Releases Report Assigning A+ and AA- Ratings to Clark County, NV’s Jet Aviation Fuel Tax Refunding Revenue Bonds Series 2022A and PFC Refunding Revenue Bonds Series 2022B, Respectively

On November 1, 2022, KBRA assigned long-term ratings, each with a Stable Outlook, for the following Clark County, NV bonds:

• A+ to the Clark County, Nevada Jet Aviation Fuel Tax Refunding Revenue Bonds (Additionally Secured by Pledged Airport System Revenues) Series 2022A (AMT)
• AA- to the Clark County, Nevada Las Vegas-Harry Reid International Airport Passenger Facility Charge Refunding Revenue Bonds Series 2022B (Non-AMT)

Concurrently, KBRA affirmed the long-term ratings, each with a Stable Outlook, of AA- for the Second Lien GARBs (Reid-Las Vegas), AA- for the PFCs and Second Lien GARBs (Reid-Las Vegas), and A+ for the Third Lien Notes (Reid-Las Vegas).

To access ratings and relevant documents, click here.

Click here to view the report.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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