S&P rates Las Vegas Water bonds AA+

Standard & Poor's said it assigned its AA+ rating to Las Vegas Valley Water District, Nev.'s $715 million limited tax general obligation water improvement and refunding bonds, series 2008A and B.

In addition, S&P affirmed its AA+ rating and underlying rating (SPUR) on the district's outstanding G.O. debt.

The rating reflects the credit strength of the district's service area, which is virtually coterminous with Clark County (AA+ G.O. rating); the district's statutory authority to levy an ad valorem tax on property owners in the district's service area; financial management of good cash reserves and coverage of debt service by net operating revenues; and the district's critical role as the sole water wholesale entity serving Nevada's largest metropolitan area.

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