Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Albuquerque, N.M.'s series 2013 gross receipts tax (GRT) revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating on the city's GRT debt outstanding. The outlook is stable. The ratings reflect what we view as Albuquerque's: Very strong 10.5x maximum annual debt service (MADS) coverage by pledged state-shared 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 2010; and Strong 2.25x additional bonds test (ABT) and dependence on pledged revenue for
