Albuquerque, NM Series 2024A, 2024B GO Bonds Rated ?AAA?; Outlook Is Stable

ENGLEWOOD (S&P Global Ratings) March 14, 2024--S&P Global Ratings assigned its 'AAA' long-term rating to the City of Albuquerque, N.M.'s proposed $102.8 million series 2024A general obligation (GO) general purpose bonds and $9 million series 2024B GO storm sewer bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing GO bonds. The outlook is stable. The bonds are secured by the city's full faith and credit pledge and are payable from unlimited ad valorem property taxes levied on all taxable property in the city. The bond proceeds will fund various capital projects. Albuquerque is New Mexico's largest city and primary employment and economic center. The city continues to see economic expansion across many

...March 14, 2024 ENGLEWOOD (S&P Global Ratings) March 14, 2024--S&P Global Ratings assigned its '###' long-term rating to the City of Albuquerque, N.M.'s proposed $102.8 million series 2024A general obligation (GO) general purpose bonds and $9 million series 2024B GO storm sewer bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GO bonds. The outlook is stable. The bonds are secured by the city's full faith and credit pledge and are payable from unlimited ad valorem property taxes levied on all taxable property in the city. The bond proceeds will fund various capital projects. Albuquerque is New Mexico's largest city and primary employment and economic center. The city continues to see economic expansion across many sectors, including a growing film-industry presence and recent solar-technology investments. The city is in the process of drawing down its available fund balance to be closer to its policy level, after consecutive years of rapid...

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