Bond rating raised on Convention Center
Standard & Poor’s Ratings Services raised its long-term rating and underlying rating to “AA” from “AA-” on general obligation and convention center refunding bonds issued by the Washoe County government.
The ratings agency said good cost containment and protection of financial reserves by the county government help offset the effects of declining revenue. It also noted that employment in the county is becoming more diversified, income levels are strong and debt levels are manageable.
Washoe County casinos, which get much more of its gaming play from drive-in and local customers, raked in $78.1 million in October, up 6.1% from last year.