The rating on Albuquerque, N.M.'s bonds reflects: * An exceptionally strong and resilient sales tax base, * An expanding economy, * Strong debt service coverage, * Sound financial management, and * A strong additional bonds test. The rating recognizes the potential volatility of gross receipts revenue, particularly during an economic downturn. The series 1992 bonds are secured by a second lien on half of a 1% municipal gross receipts tax levied by the city. The series 1973 and 1987C bonds are secured by a first lien on 1% of the city's 1.225% share of the state gross receipts tax. Albuquerque ('AA' GO) is the state's largest city and economic center, with services, trade, and government driving the local economy. The
