NEW YORK (Standard&Poor's) Sept. 13, 2004--Standard&Poor's Ratings Services assigned its 'AA' rating to Albuquerque, N.M.'s $60.915 million gross receipts tax (GRT)/lodgers' tax refunding revenue bonds, series 2004A and B, reflecting the city's pledge of state-shared GRT and lodgers' tax revenues, strong and resilient sales tax base, strong legal provisions, and expanding economy. The outlook is stable based on the stability of the city's economy and the city's demonstrated ability to generate a healthy level of pledged revenues to support very strong coverage margins. The bonds are secured by a subordinate lien on the 1.225% state-shared GRT revenues and half of the 5% lodgers' tax revenues received by the city. Proceeds from the series 2004A and B
