Albuquerque, NM 2020 Transportation Infrastructure Gross Receipts Tax Improvement Bonds Rated 'AAA'

FARMERS BRANCH (S&P Global Ratings) Sept. 16, 2020--S&P Global Ratings assigned its 'AAA' long-term rating to the City of Albuquerque, N.M.'s $43.1 million series 2020 transportation infrastructure gross receipts tax (GRT) improvement bonds. The outlook is stable. Proceeds from the debt will be used to make transportation improvements throughout the city. The bonds are secured by a 0.25% increment of a municipal GRT collected. The current issuance is the only debt secured by this pledge. "The rating reflects our view of very strong debt service coverage (DSC), supported by a very strong economy," said S&P Global Ratings credit analyst Kristin Button. We base the rating on the application of our priority-lien tax revenue debt criteria, published Oct. 22, 2018, which

...September 16, 2020 FARMERS BRANCH (S&P Global Ratings) Sept. 16, 2020--S&P Global Ratings assigned its '###' long-term rating to the City of Albuquerque, N.M.'s $43.1 million series 2020 transportation infrastructure gross receipts tax (GRT) improvement bonds. The outlook is stable. Proceeds from the debt will be used to make transportation improvements throughout the city. The bonds are secured by a 0.25% increment of a municipal GRT collected. The current issuance is the only debt secured by this pledge. "The rating reflects our view of very strong debt service coverage (DSC), supported by a very strong economy," said S&P Global Ratings credit analyst Kristin Button. We base the rating on the application of our priority-lien tax revenue debt criteria, published Oct. 22, 2018, which factors in the strength and stability of the pledged revenue as well as Albuquerque's general credit quality. Our view of the obligor's creditworthiness (OC) does not currently limit the priority-lien rating....

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