Moody's rates Clark County, Nev., airport bonds Aaa/VMIG 1

Moody's Investors Service said it assigned ratings of Aaa/VMIG 1 to $709.54 million of Clark County, Nev.'s airport system subordinate lien revenue bonds.

The issue includes $122.9 million of series 2008C-1, $71.55 million of series 2008C-2, $71.55 million of series 2008C-3, $58.92 million of series 2008D-1 and $190.17 million of series 2008D-2.

Series 2008C-1 will be supported by an irrevocable direct-pay letter of credit from Bayerische Landesbank. The other four series will each be supported by an irrevocable direct-pay letter of credit from Landesbank Baden-Wurttemberg.

Bayerische Landesbank is rated Aa2 with a stable outlook for its long-term obligations and P-1 for its short-term obligations. Landesbank Baden-Wurttemberg is rated Aa1 with a negative outlook for its long-term obligations and P-1 for its short-term obligations.

Sale of the bonds was expected on March 18.

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