S&P rates Clark County detention facility bonds AA

Standard & Poor's said it assigned its AA rating to the Pima County Industrial Development Authority, Ariz.'s $190 million series 2008 lease revenue bonds, issued on behalf of Clark County, Nev.'s detention facility project.

S&P said the rating reflects a lease agreement with Clark County, Nev., that secures the bonds; the county's AA+ G.O. credit rating, and legal provisions, including a debt service reserve and assignment of lease payments to a bond trustee.

The Clark County Board of Commissioners has entered into a lease agreement with a private developer, and the lease payments secure the bonds (subject to annual appropriation by Clark County). The lease payments are assigned to a bond trustee; additional security is offered by a standard three-part debt service.

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