KBRA assigns long-term ratings, each with a Stable Outlook, for the following Clark County, NV obligations:

• AA- to the Clark County, Nevada Airport System Subordinate Lien Refunding Revenue Bonds Series 2024A (Non-AMT)
• A+ to the Clark County, Nevada Airport System Junior Subordinate Lien Revenue Notes Series 2024B (Non-AMT)

Concurrently, KBRA affirms the long-term ratings, each with a Stable Outlook, on the following Clark County, NV Bonds and Notes:

• AA- for Second Lien GARBS (Reid-Las Vegas)
• AA- for PFCs and Second Lien GARBS (Reid-Las Vegas)
• A+ for Third Lien Notes and Jet A Bonds (Reid-Las Vegas)

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

• Large, mainly O&D passenger base with limited competition and a diverse carrier mix.
• Strong liquidity and satisfactory debt service coverage margins, given the residual Use and Lease Agreement.
• Declining annual debt service requirements and an absence of expected borrowing in CIP.

Credit Challenges

• Leisure and hospitality base could be vulnerable in a severe economic downturn and competitive pressures.
• Significant variable rate debt / interest rate swaps require ongoing monitoring and have associated risks.

Rating Sensitivities

For Upgrade

• Significant progress toward a fixed-rate debt structure that lowers liquidity risk and credit facility renewal risk.
• Materially improved debt metrics.

For Downgrade

• Material reduction in debt service coverage and/or liquidity.
• Sustained enplanement decline due to diminished air trade area relevance as leisure/conference destination.

To access rating and relevant documents, click here.

Methodologies

• Public Finance: U.S. General Airport Revenue Bond Rating Methodology
• ESG Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003337

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