The 'A' (SPUR) on Albuquerque, N.M.'s bonds reflects the subordinate lien on airport net revenues and the following unenhanced 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 2.8 times (x) and 1.5x, respectively, not including passenger facility charges (PFCs); No additional debt plans over the next five years, given the limited capital plan, which is based entirely on demand-driven growth; and The aggressive retirement of approximately $27 million in outstanding 1995B and 1996A bonds. The rating also
