The rating on Albuquerque, N.M.'s bonds reflects: An expanding and diverse economic base, Average wealth and income indicators, Moderate debt levels, and Sound financial performance. The bonds are secured by unlimited ad valorem property taxes. Albuquerque (population 436,400) is New Mexico's largest city and economic center. Services and trade (55.6% of labor force), government (19%), and manufacturing (8.8%) represent the economic core of the city. Since much manufacturing is concentrated in high technology firms, employment trends have been flat in this sector since 1996, reflecting diminished demand caused by the Asian economic crisis. However, unemployment rates in the city (5.72%) remain below state (7.70%) and national (4.59%) averages. Albuquerque's leading employers include Kirtland Air Force Base, various healthcare providers, Intel
