The rating on Albuquerque, N.M.'s bonds, issued for Albuquerque Joint Water and Sewer System, reflects the following credit strengths: A service area economy demonstrating depth and breadth, as it is the state's primary economic center; Strong financial performance supported by conservative debt management policies; and Combined water and sewer rates, which are competitive with surrounding areas. These strengths are tempered by a sizable $525 million, 10-year capital improvement program (CIP). Proceeds will be used to refund $82 million in outstanding debt and finance costs associated with the CIP. Bonds are secured by the net water and sewer revenues. The city of Albuquerque (GO rating 'AA') is the state's largest city and economic base. Service, trade and government sectors drive the
