Standard & Poor's revised the outlook to stable from negative and affirmed a BBB underlying rating on almost $200 million of Reno, Nev., capital improvement revenue bonds. The revised outlook affects the city's series 2002, 2005A, 2005B, and 2005C tax-exempt capital improvement revenue bonds.

"The stable outlook reflects our view that the city's pledged revenue has continued to show signs of stabilizing," said Standard & Poor's credit analyst Bryan Moore. "Recent strong coverage provides some cushion, in our view, but if further declines in pledged revenues lead to a drop in annual debt service coverage closer to one times, we could lower the rating."

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