Standard&Poor's Ratings Services assigned its 'AA' rating to Albuquerque, N.M.'s gross receipts tax (GRT)/lodgers' tax refunding revenue bonds, series 2004A and B, reflecting the city's: Pledge of state-shared GRT and lodgers' tax revenues, Strong and resilient sales tax base, Strong legal provisions, and Expanding economy. The bonds are secured by a subordinate lien on the 1.225% state-shared GRT revenues and half of the 5% lodgers' tax revenues received by the city. Proceeds from the series 2004A and B bonds are being used to refund certain maturities of the city's outstanding bonds secured by lodgers' tax revenues. Final maturity of the 2004 bonds is 2039. Following the sale of these bonds there will be approximately $5.8 million senior-lien bonds
