The `A+' long-term rating on the city of Albuquerque, N.M.'s and Albuquerque Special Assessment District No. 223's bonds is based on an irrevocable letter of credit (LOC) issued by Sumitomo Bank Ltd. The LOC which is scheduled to expire on June 27, 2002 provides funds to cover principal, up to 210 days of interest, and 100% of the purchase price tendered for the bonds. The bonds bear an interest at a fixed rate and are payable semiannually, beginning Jan. 1, 1996 and every Jan. 1 and July 1 thereafter. The LOC may terminate early upon the occurrence of certain events set forth in the trust agreement. The bonds are subject to sinking fund redemption and optional redemption at par prior
