S&P Global Ratings said it raised its long-term rating and underlying rating to AA-plus from AA on Clark County, Nev.'s existing general obligation bonds.
At the same time, S&P said it raised its long-term rating to AA from AA-minus on Pima County Industrial Development Authority, Ariz.'s lease revenue bonds, supported by the county.
In addition, S&P assigned its AA-plus long-term rating to Clark County, Nev.'s series 2017 limited-tax GO Bond Bank refunding bonds, additionally secured with pledged revenue. The outlook on all ratings is stable.
"The rating action reflects our view of the county's recovery since the recession, through greater employment diversity and improved property wealth, as well as its increased available reserves as a result of positive general fund performances in recent years," said S&P credit analyst Michael Parker.