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State credit rating improves

Wednesday, June 19, 2002 | 10:32 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- Moody's Investors Service has upgraded the state of Nevada's credit outlook from negative to stable, state Treasurer Brian Krolicki said Monday.

The negative outlook given by Moody's did not affect the state's credit rating, which remained at a strong Aa2, Krolicki said. Moody's highest rating is Aaa.

The upgrade was due to the increase in tourism and gaming win in recent months that fell after Sept. 11.

Credit rating is the measurement given to the state on its ability to repay its debt. Credit outlook is a caution to investors or a red flag who are interested in putting money in Nevada.

Krolicki said he expected Standard & Poor's and Fitch rating services will reaffirm the state's current AA rating, the second highest possible rating.

"Despite the tumultuous financial climate of the last 10 months, our state has remained on the right track," he said. He said tourist states such as Nevada, Florida and California were all given negative outlooks after the Sept. 11 attack.

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