Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on Albuquerque, N.M.'s gross receipts tax (GRT) revenue bonds. The outlook is stable. The ratings reflect what we view as the city's: Very strong 12.75x maximum annual debt service (MADS) coverage by GRT revenue alone; Strong 121% retail sales per capita reflecting the city's role as economic center for the region, with what we consider strong links to the government, defense-related research, health care, and high-tech sectors; Stabilization in GRT collections since fiscal years 2011 and 2012, despite continued economic softness and moderate GRT declines in fiscal years 2009 and 2010; Strong 2.25x ABT and dependence on pledged revenue for general operations, which reduces the likelihood of significant additional parity
