...S&P Global Ratings assigned its '###' long-term rating to the City of Albuquerque, N.M.'s series 2019 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 are secured by a pledge of unlimited ad valorem property taxes levied on all taxable property in Albuquerque. The series A bonds will be used to finance certain city projects related to public safety, public transportation, and other public facilities, and the series B bonds will be used to finance storm and sewer improvements. The city's GO bonds are eligible to be rated above the sovereign because we believe Albuquerque 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," (published Nov. 19, 2013), U.S. local governments are considered to have moderate sensitivity to country...
