The 'AA' rating on Albuquerque, N.M.'s taxable gross receipts tax revenue bonds series 2001, and on Albuquerque's outstanding taxable gross receipts tax revenue bonds, reflects: A strong-link pledge of municipal gross receipts tax (GRT) revenues securing the bonds, A broad and resilient sales tax base generating very strong coverage of maximum future debt service, Strong legal provisions, An expanding economy, and Sound fiscal management. The Bonds are secured by a pledge of net operating revenues of the city's municipally owned golf course. Bonds are additionally secured by revenues generated by the city's 1.225% gross receipts tax. Net revenues of the golf course, which represent the weak-link portion of the pledge, are down 19.88% since 1996 and reached $678,834 in fiscal
