S&P Global Ratings assigned its 'AAA' long-term rating to the city of Albuquerque, N.M.'s $22.5 million series 2024 gross receipts tax (GRT) improvement revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's outstanding parity debt. The outlook is stable. 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. Proceeds from the bonds will be used to finance various capital improvements throughout the city. The rating reflects our view of very strong debt service coverage (DSC), which is supported by a very strong economy. We base the rating on the
