The 'AA' rating on Albuquerque, N.M.'s GO bonds is based on the city's full faith and credit pledge and reflects: An expanding and diversifying economic base, A manageable debt burden, and Historically stable financial operations. Albuquerque, with a population of 448,607, is New Mexico's largest city and economic center. Services and trade (56% of area employment in 2000), government (19%), and manufacturing (8%) represent the economic core of the city. Total employment growth in the late 1990s slowed from the strong performance earlier in the decade. However, the unemployment rate in the city (3.5%) remained below the state (5.5%) and national (3.9%) averages. Among the leading area employers are Kirtland Air Force Base, various health care providers, Intel Corp., the
