The rating on Albuquerque, N.M.'s bonds, issued for Albuquerque Academy, reflects: Favorable demand trends, evidenced by increasing headcount enrollment and strong matriculation rates; A sizable endowment contributing to the academy's strong liquidity; and Good financial operations, with a nearly $4.1 million operating surplus for fiscal 1999. Offsetting factors include competition from the public school system and a limited geographic draw. The bonds are secured by a general obligation pledge of the academy. Founded in 1955 as The Academy for Boys, Albuquerque Academy has evolved as a coeducational college preparatory day school, enrolling students in grades six through 12. For the past five years, headcount enrollment has been growing an annual average of 1.1% per year, with 1,037 students enrolled in
