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Monorail: Invesment Analysts "It's Junk"

By Chuckmonster on Thursday, 31st March 2005 3:55pm
  » filed under Las Vegas  comments: 0

   

An investment service has cut the bond rating for the Las Vegas Monorail to "junk" status.

Moody's Investors Service made the move Wednesday amid concerns about system performance, lagging ridership and higher-than-projected costs.

Fitch Inc., another bond analyst, placed the monorail's bonds on "Rating Watch Negative" in September, meaning the bonds were on the verge of being downgraded by that agency.

The downgrade has no effect on the monorail's day-to-day operations, and no impact on the state or on taxpayers, said Todd Walker, a monorail spokesman. The system has a cash cushion, and does not expect to borrow more money at higher interest rates.



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