Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Albuquerque, N.M.'s series 2014A gross receipts tax (GRT) refunding revenue bonds and 2014B GRT bonds. At the same time, we affirmed our 'AAA' rating on the city's outstanding GRT debt. The outlook is stable. The ratings reflect what we view as the city's: Very strong 10.4x maximum annual debt service (MADS) coverage by pledged state-shared GRT revenue alone; Strong 125% retail sales per capita, reflecting the city's role as the economic center for the region, with what we consider strong links to the government, defense-related research, health care, and high-technology sectors; Stabilization in GRT collections since fiscal year 2010; Strong 2.25x additional bonds test (ABT) and dependence on pledged
