Albuquerque, N.M.'s bonds are secured by a second lien on state-collected gross receipts (sales) tax collected in the city equal to 1.225% of sales. The rating reflects: A broad and resilient sales tax base, Strong legal provisions and high debt service coverage, An expanding economy, and Sound fiscal management. Closed senior-lien gross receipts tax bonds are rated 'AA+' and secured by a 1% portion of the 1.225% sales tax. Parity variable-rate series 2000A and senior series 1995 carry variable interest rates, with a 15% maximum rate, and have short-term put obligations backed by standby bond purchase agreements from Canadian Imperial Bank of Commerce and Bank of America, respectively. Albuquerque ('AA' GO rating) is New Mexico's largest city and economic center,
