The City of Reno has been notified by Standard & Poor’s, one of the country’s premier bond rating firms, that the Reno Redevelopment Agency’s (RDA) Bonds have been upgraded.
Standard & Poor’s raised its long-term rating and underlying rating (SPUR) to ‘A’ from ‘CC’ on the RDA’s Superior Lien Tax Increment (Downtown Project Area) and to ‘B’ from ‘CC’ on the Tax Increment Senior Lien Bonds.
In the announcement to the City of Reno, Standard & Poor’s advised the outlook is now stable. “The rating actions reflect our view of the recently signed settlement agreement providing the RDA receives a minimum of $2.7 million of annual revenue through fiscal 2018,” said Standard & Poor’s credit analyst Bryan Moore.
“This is another indication of the City’s improved financial condition,” advised Reno City Manager Andrew Clinger.
A bond rating is assigned by independent rating agencies and measures the quality and safety of a bond based on a corporation’s or government’s financial condition. Bond ratings help inform investors the risk associated with the bond. Typically a rating of AAA is the highest or best and D is the lowest or worst.
For more information about the Reno’s Redevelopment Agency rating upgrades visit Standard & Poor’s website at www.standardandpoors.com, select Ratings in the navigation bar, and type in “Reno Redev Agy, NV” in the Find a Rating field.