LOS ANGELES -- Fitch Ratings downgraded troubled North Las Vegas, Nev.’s $436 million of limited-tax general obligation bonds to BB-plus from BBB and assigned a negative outlook, citing the city’s ongoing financial problems.

The Monday afternoon downgrade to speculative grade reflects the city’s fiscal distress, which is evidenced by the second consecutive year with a resolution declaring a state of emergency, Fitch analysts wrote in a report.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.