Gov. Steve Sisolak and Treasurer Zach Conine announced Friday that the three major ratings services have upgraded Nevada’s bond credit ratings.
Fitch Ratings, Moody’s Investor Services and S&P Global all rate Nevada as stable which Sisolak and Conine said indicates those services believe Nevada’s recovery from the pandemic is well under way.
“These upgrades to Nevada’s credit rating show that we made the right financial decisions for our state during the pandemic and are now on the road to recovery,” said Sisolak.
Conine added the state was among the hardest hit by the pandemic but that, “through our resiliency, we are in the midst of our economic recovery.”
He said the $6.7 billion in federal funding must be used to build the state Nevadans deserve so the devastating effects of the pandemic never happen again.
On July 19, Moody’s moved Nevada’s outlook from negative to stable and affirmed it’s Aa1 bond rating and the Aa2 rating for certificates of participation.
S&P and Fitch followed suit in September, revising their outlooks to stable for general obligation bonds and the AA+ long term bond rating.
Those bond ratings determine what percentage interest the state must pay when it issues bonds. The better the rating, the lower the interest rate.