The 'AA-' Standard&Poor's underlying rating (SPUR) on Albuquerque, N.M.'s refuse removal and disposal revenue bonds is based on Albuquerque's continued sound financial results and manageable capital improvement plan (CIP). Other rating factors include: Limited competition to the city's solid waste department for these services, A strong rate collection mechanism, Long-term landfill capacity, Relatively low rates, and Good coverage of annual debt service by pledged revenues. Also reflected in the rating are strong legal protections, including a 1.5x rate covenant; a 1.5x additional bonds test; and a debt service reserve. By ordinance, the city provides exclusive solid waste collection and disposal services to all households (approximately 147,000) and most commercial enterprises. Residential customers are charged monthly on a combined
