The rating on Albuquerque, N.M.'s series 1994A and 1994B senior lien bonds reflects the dominant market position the airport enjoys within its region, a strong bias toward origination and destination passengers (85% of enplanements), which tends to produce favorable dispersion of air traffic among the major airlines. While airline costs per enplaned passenger at Albuquerque have been a very reasonable $5.60, the airport has accrued significant cash surpluses. These surpluses will be used to make equity contributions to the capital improvement program. The rating also reflects weak legal provisions that permit inclusion of a limited amount of previous years surplus earnings in determining compliance with the rate covenant and additional bonds test. The series 1994B bonds have an optional call
