Summary: Albuquerque, New Mexico; Sales Tax

S&P Global Ratings assigned its 'AAA' long-term rating to the city of Albuquerque, N.M.'s series 2020A gross receipts tax (GRT)/lodgers' tax; series 2020B, GRT/lodgers' tax/hospitality fees; series 2020C GRT; and series 2020D GRT/stadium refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing GRT bonds. The outlook is stable. Proceeds from each debt series will refund certain GRT revenue bonds outstanding for savings. Series 2020A-D are secured by a 1.225% state-shared GRT (SSGRT) which represents at least 95% of the pledged revenues for each series. The SSGRT is broad because it is assessed on sales and services, including legal services, utilities, and certain medical services. In addition to the SSGRT, a

...S&P Global Ratings assigned its '###' long-term rating to the city of Albuquerque, N.M.'s series 2020A gross receipts tax (GRT)/lodgers' tax; series 2020B, GRT/lodgers' tax/hospitality fees; series 2020C GRT; and series 2020D GRT/stadium refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GRT bonds. The outlook is stable. Proceeds from each debt series will refund certain GRT revenue bonds outstanding for savings. Series 2020A-D are secured by a 1.225% state-shared GRT (SSGRT) which represents at least 95% of the pledged revenues for each series. The SSGRT is broad because it is assessed on sales and services, including legal services, utilities, and certain medical services. In addition to the SSGRT, a lien on 50% of the city's 5% lodger's tax secures the series 2020A and series 2020B bonds. The series 2020B bonds also have a lien on hospitality fees. The series 2020D bonds have a lien on stadium surcharges and revenues....

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