Moody's ups Las Vegas airport bonds to Aa3/VMIG1

Moody's Investors Service said it affirmed its Aa3 long-term rating on the $120.2 million series 2005A-1 and $120.2 million series 2005A-2 passenger facility charge refunding revenue bonds issued by Clark County, Nev., for the Las Vegas-McCarran International Airport Project and upgraded the short-term rating on the bonds to VMIG1 from VMIG3.

The action was taken in conjunction with the substitution of a letter of credit for two standby bond purchase agreements, all provided by Bayerische Landesbank. Moody's long- and short-term ratings for Bayerische Landesbank are Aa2 and Prime-1.

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