The rating on Albuquerque, N.M.'s gross receipts tax and lodgers tax bonds reflects: A pledge of state-shared gross receipts tax (GRT) and locally generated lodgers tax (LT), A strong and resilient sales tax base, Strong legal provisions, An expanding economy, and Sound fiscal management. Upon series 1999B issuance, the GRT lien will be closed, and the rating on the prior lien bonds will rise to 'AA+'. Upon the receipt of final documentation, the 1991A and a portion of 1991B GRT/LT bonds will be refunded. The 1991A and 1995B GRT/LT bonds, considered the "prior lien bonds," carry a dual rating, reflecting the credit quality of the pledged revenue stream and an LOC provided by Canadian Imperial Bank of Commerce ('AA-/A-1+'). The
