Moody's lowers underlying rating on Las Vegas Monorail bonds to Caa2

Moody's Investors Service said it downgraded the underlying rating to Caa2 from B3 on the Nevada Department of Business and Industry's $445.8 million of Las Vegas Monorail Project revenue bonds, first tier series 2000.

The underlying rating has a negative outlook.

The bonds are rated Aaa, based on bond insurance provided by Ambac. The insurer's Aaa rating is on review for possible downgrade.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.