S&P upgrades local redeveloping agency's bond rating

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Updated: 12/05/2012 4:52 pm
RENO, Nev. (KRNV & MyNews4.com) -- According to Reno officials, Standard & Poor's has upgraded the redeveloping agency's bond rating.

S&P raised its long-term rating and underlying rating to 'A' from 'CC' on the 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.

City Manager Andrew Clinger says the rating change is an indication that the city's financial condition is improving.

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