Summary: Albuquerque, New Mexico; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to the City of Albuquerque, N.M.'s $22.96 million series 2021A general obligation (GO) general purpose bonds and $27.98 million series 2021B GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' 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. Bond proceeds from series 2021A will be used for various capital needs ranging from parks and roads to facility improvements, while the series 2021B bonds will refund existing debt for savings. The city's GO bonds are eligible to be rated above the sovereign because we believe

...S&P Global Ratings assigned its '###' long-term rating to the City of Albuquerque, N.M.'s $22.96 million series 2021A general obligation (GO) general purpose bonds and $27.98 million series 2021B GO refunding 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. Bond proceeds from series 2021A will be used for various capital needs ranging from parks and roads to facility improvements, while the series 2021B bonds will refund existing debt for savings. 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...

Summary