The rating on Albuquerque, N.M.'s bonds, issued for Albuquerque Academy, reflects favorable demand trends as characterized by: strong demand trends and good student quality. In addition, Albuquerque Academy's large endowment and expendable resources provide substantial support and flexibility to the Academy. These factors are offset by competition from the public school system and the Academy's limited geographical draw. The bonds are a GO 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 6-12. For the past five years, headcount enrollment has been growing 1%-6% per year with 1,020 students enrolled in fall 1998. Applications, which primarily are received for the sixth and ninth
