The rating on Albuquerque, N.M.'s bonds reflects: * A pledge of state-shared gross receipts tax (GRT) revenues securing the bonds, * A broad and resilient sales tax base, * Strong legal provisions, * An expanding economy, and * Sound fiscal management. Upon issuance of the series 1999C bonds, the GRT lien will be closed, and the rating on the prior lien bonds will ascend to 'AA+'. Upon receipt of final documentation, all of the series 1973 GRT and 1997B GRT bonds will be refunded. Albuquerque ('AA' GO rating) is New Mexico's largest city and economic center, with services, trade, and government driving the local economy. The public and health care sectors dominate the employment base, with a growing high-technology manufacturing
