S&P Global Ratings assigned its 'AAA' long-term rating to the city of Albuquerque, N.M.'s tax-exempt series 2022A and taxable series 2022B gross receipts tax (GRT) improvement revenue bonds. The outlook is stable. At the same time, S&P affirmed its 'AAA' rating on the city's outstanding parity debt. Proceeds from the debt will be used to make various improvements throughout the city, including to facilities and streets, and to support affordable housing. The bonds are secured by a 1.225% state-shared gross receipts tax (SSGRT). The SSGRT is broad because it is assessed on sales and services, including legal services, utilities, and certain medical services. The rating reflects our view of very strong debt service coverage (DSC), supported by a very strong
