The rating on Albuquerque, N.M.'s bonds reflects: Pledge of municipal gross receipts tax (MGRT), Strong and resilient sales tax base, Strong legal provisions, Expanding economy, and Sound fiscal management policies. Bonds are secured by a lien upon one-half percent of a 1% MGRT levied by the city. Upon receipt of final documentation, series 1995 MGRT bonds will be refunded. The 1995 bonds carry a dual rating reflecting the credit quality of the pledged revenue stream and a LOC provided by the Canadian Imperial Bank of Commerce ('AA-/A-1+'). The long-term portion of the dual rating is a "strong-link" based on the higher of the bank's rating and the city's MGRT rating, while the short-term portion is based solely on the bank's
