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, with a population of 419,311, is New Mexico's largest city and economic center. Services and trade (56% of the labor force), government (19.4%), and manufacturing (7.7 %) represent the economic core of the city. Since much manufacturing is concentrated in high-technology firms, employment trends were flat in this sector since 1996, reflecting diminished demand caused by the Asian economic crisis. However, unemployment rates in the city (4.22%) remain below state (6.27%) and national (4.24%) averages, and there are signs that the manufacturing sector will
