Moody's rates Clark County, Nev., airport bonds MIG1

Moody's Investors Service said it assigned a MIG1 rating to Clark County Airport Enterprise, Nev.'s $550 million junior subordinate-lien revenue notes, series 2008F, and an underlying Aa3 rating to the $300 million series 2008A and B subordinate-lien revenue bonds expected to be issued later this month.

The series 2008 bonds will be issued as variable-rate bonds with liquidity support. The expected sale dates are June 15 for series F and June 26 for series A and B. The outlook is stable.

The series 2008F bond anticipation notes (BANs) provide interim funding for capital improvements at the airport, in advance of the issuance of series 2009A and B bonds, which are expected to be delivered on July 1, 2009. The series 2008A and B bonds will fund $300 million in outstanding series 2006 third-lien BANs maturing on July 1, 2007.

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