The rating on Albuquerque, N.M.'s bonds reflects: * A well-managed refuse system with a strong business profile of '3.6'; * Long-term landfill capacity as well as strong control of waste flow within the city; * Relatively low rates with limited competition from private haulers; * An expanding economy based in services, trade, and governmental employment, and * Good coverage of new maximum annual debt service. Also reflected is strong legal protection, including a 1.5 times (x) rate covenant and additional bonds test. The series 1998 bonds will fund the refuse system's capital program, including landfill improvement projects and waste collection equipment. By ordinance, the city provides exclusive solid waste collection and disposal services to all households - approximately 125,000 -
