Fitch Ratings said it has downgraded to B from BB-plus North Las Vegas, Nev.'s $365,000 limited tax general obligation (LTGO) bond series 2002B; $131 million LTGO bonds (additionally secured by consolidated tax pledged revenues); and $290.7 million LTGO water and wastewater improvement bonds (additionally secured by water and wastewater system pledged revenues).
Processing Content
The rating outlook is negative.
The downgrade reflects the city's continued fiscal distress, as evidenced by the sizeable and increasing budgetary imbalance. The city has no significant prospects for revenue recovery and virtually no additional expenditure flexibility.
