KBRA Releases Report for Various Clark County, NV Airport System Revenue Bonds

On February 27, 2025, KBRA upgraded the long-term ratings, each with a Stable Outlook, on the following Clark County, NV Bonds and Notes:

The upgrades reflect the proven strength and resiliency of air travel market served by Harry Reid International Airport (LAS or the “Airport”), most recently evidenced by the full recovery, and subsequent growth, in enplanements following the Covid-19 pandemic (the “pandemic”). The Clark County Department of Aviation’s (the “Department’s”) material progress in reducing outstanding leverage, and its effective track record of managing risks associated with a more aggressive capital structure that encompasses both variable rate obligations and related hedges, were also considerations. KBRA notes that LAS remains one of only a handful of large hub airports in the U.S. without significant, future capital needs. Through FY 2028, the Department’s five year capital improvement plan (CIP) totals $756.8 million, none of which is expected to be debt financed.

The Stable Outlook reflects KBRA’s expectation that healthy passenger activity will continue to underpin healthy financial performance and ample liquidity, providing the Department with operational and capital support commensurate with the rating level. Further moderation of debt metrics is expected given the absence of borrowing in the CIP.

To access ratings and relevant documents, click here.

Click here to view the report.