CARSON CITY, NV — September 24, 2021
Today, Nevada Governor Steve Sisolak and Nevada State Treasurer Zach Conine announced that the State of Nevada has received ratings upgrades on its general obligation limited-tax bonds from Fitch Ratings, Moody’s Investor Services, and S&P Global Ratings.
With this action, all three major rating agencies have returned Nevada to a “Stable Outlook,” reaffirming the State’s highest credit ratings in history. This ratings upgrade is key indicator that Nevada’s economic recovery from the COVID-19 pandemic is well underway due to fiscal responsibility and a revitalized tourism and hospitality sector.
The various agencies cited fiscally responsible budgetary decisions made by Governor Sisolak and the Nevada State Legislature during the pandemic, alongside long-term planning with federal funding through the “Every Nevada Recovery Framework” as reasons for the upgrades.
“Throughout the pandemic, people across Nevada have faced significant financial hardships, and have been forced to make difficult choices,” said Governor Sisolak. “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. Now, we can continue putting Nevadans back to work, as we look to create thousands of good-paying jobs.”
“Nevada was among the hardest hit states during the pandemic, and through our resiliency, we are in the midst of our economic recovery,” said Treasurer Conine. “With the infusion of $6.7 billion from the federal government, we have a responsibility to invest these funds in building the state that Nevadans deserve, so the devasting effects of the pandemic never happen again.”
On July 19, Moody’s Investors Service revised Nevada's rating outlook from negative to stable, while also affirming the Aa1 rating on the State's outstanding general obligation (GO) bonds and the Aa2 rating on outstanding lease revenue certificates of participation (COPs).
Similarly, on September 22, 2021, S&P Global Ratings and Fitch Ratings both revised their outlooks from negative to stable on the State of Nevada's general obligation bonds outstanding and affirmed its 'AA+' long-term rating on the bonds.