SAN FRANCISCO (Standard&Poor's CreditWire) April 18, 2000--Standard&Poor's today affirmed its single-'A'-plus underlying rating (SPUR) on Albuquerque, N.M.'s $42.69 million government purpose airport refunding revenue bonds series 1998, issued for Albuquerque International Airport. The affirmation is in conjunction with a proposed new issuance (series 2000A and 2000B) by the airport. The rating reflects the following credit strengths: -- Albuquerque International Sunport's dominant market position in the state, resulting in a high origination and destination (O&D) level of 91% at the facility; -- Total enplaned passenger levels forecast to increase 3.7% annually through 2006, despite declines in 1998 and 1999; -- Good senior and total obligation debt service coverage of 2.8x and 1.5x, respectively, not including passenger facility
