...Albuquerque Metro Arroyo Flood Control Authority (Aaa stable) has a strong credit profile. Despite a trend of modest, planned deficits, the district's financial position is healthy, with ample reserves compared to revenues. AMAFCA's tax base is large and sizeable, inclusive of the City of Albuquerque, which serves as a regional economic hub. The direct debt burden is low and consists of general obligation unlimited tax bonds. Typical of a single-purpose district, which, in this case, is to bond for flood control projects, the authority has a very elevated fixed cost burden. The district's pension liabilities are manageable, with just a modest "tread water" gap relative to revenues and reserves....