Summary: Albuquerque, New Mexico; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to  Albuquerque, N.M.'s series 2017 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the city's existing GO bonds. The outlook is stable. The bonds constitute valid obligations of the city, and our rating reflects the pledge of unlimited ad valorem property taxes levied on all taxable property in Albuquerque. We understand that the bond proceeds will be used to finance capital improvements within the city that include infrastructure upgrades and recreation facilities. The city's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress

...S&P Global Ratings assigned its '###' long-term rating to Albuquerque, N.M.'s series 2017 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating (SPUR) on the city's existing GO bonds. The outlook is stable. The bonds constitute valid obligations of the city, and our rating reflects the pledge of unlimited ad valorem property taxes levied on all taxable property in Albuquerque. We understand that the bond proceeds will be used to finance capital improvements within the city that include infrastructure upgrades and recreation facilities. The city's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above the Sovereign -- Corporate and Government Ratings: Methodology and Assumptions", U.S. local governments are considered to have moderate sensitivity to country risk. The city's locally...

Summary