...Albuquerque Metro Arroyo Flood Control Authority (Aaa stable) has a strong credit profile. The authority's financial position is healthy after surpluses in fiscal 2018 and fiscal 2019, and another anticipated for fiscal 2020. AMAFCA's tax base is large and sizable, inclusive of the City of Albuquerque, which serves as a regional economic hub. The direct debt burden is low and consists only of general obligation unlimited tax bonds. Typical of a single-purpose authority, which, in this case, is to bond for flood control projects, the authority has a very elevated fixed cost burden. The authority's pension liabilities are manageable, with just a modest "tread water" gap relative to revenue and reserves. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. We do not see any material immediate credit risks for AMAFCA. The authority is not reliant on gross receipt taxes for its operations; over 95% of its...