OREANDA-NEWS. S&P Global Ratings assigned its 'AAA' rating and stable outlook to Clark County Water Reclamation District, Nev.'s series 2016 limited-tax general obligation (GO) refunding bonds. At the same time, we affirmed the 'AAA' rating on the district's parity bonds outstanding.

"The stable outlook reflects our opinion that the district will likely maintain its extremely strong finances, including total liquidity," said S&P Global Ratings credit analyst Theodore Chapman.

The series 2016 bond proceeds will be used to refund certain maturities of of the district's series 2007, 2009A, and 2009B bonds for interest-rate savings.

There are approximately $375 million of outstanding double-barrel bonds, net of current maturities, as well as $67 million in state loans secured solely by a subordinate lien on the system's net revenues. The bonds are additionally secured by a lien of the net revenues of the district's sanitary sewer system. Based on our "double barrel" criteria, we deem the utility revenues to be the stronger of the two pledges, thus the rating reflects primarily the general credit characteristics of the utility system as opposed to a taxing entity.