...S&P Global Ratings assigned its '###' long-term rating to Albuquerque, N.M.'s series 2018 A and B general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GO bonds. The outlook is stable. The bonds constitute valid obligations of the city, and our rating reflects the city's pledge of unlimited ad valorem property taxes levied on all taxable property in Albuquerque. We understand that the series A bonds will be used to finance certain city projects related to public safety, public transportation, and other public facilities, and that the series B bonds will be used to finance certain storm and sewer improvements. The city's GO bonds are eligible to be rated above the sovereign because we believe the city 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...
