Moody’s Investors Service on Tuesday affirmed Nevada’s Aa2 rating and stable outlook.

The action comes ahead of plans to sell $116 million of limited-tax general obligation bonds, of which all but $24.9 million are refundings.

The state has $2.3 billion of net tax supported debt, according to the report.

The $24.9 million issuance is being sold through the Nevada Municipal Bond Bank to fund four different projects.

The remainder will be sold in four different tranches of refundings on issuances held by the state.

The first four series are expected to price on March 6, while the remaining $17.4 million is expected to price in July.

Analysts said the rating reflects a below-average debt load and conservative fiscal policy, but takes into account the state’s concentration in gambling and tourism, a lack of revenue diversity, and a negative unassigned fund balance in the general fund.

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