The 'AA' rating on Albuquerque, N.M.'s GO bonds series 2003A, B, and C is based on the city's full faith and credit pledge and reflects: An expanding and diversifying economic base, Historically stable financial operations, and A manageable debt burden. Albuquerque, with a population of 462,304, is New Mexico's largest city and economic center. Services and trade (56% of area employment in 2002), government (20%), and manufacturing (7%) represent the economic core of the city. Total employment growth in the late 1990s slowed from the strong performance earlier in the decade, but improved to an annual average of 3.0% from 2000 to 2002. The unemployment rate in the city (4.5%) remained below the state (5.5%) and national (5.8%) averages in
