Standard&Poor's Ratings Services assigned its 'AAA' rating to Albuquerque, N.M.'s series 2008B gross receipt tax (GRT) bonds. In addition, Standard&Poor's affirmed its 'AAA' underlying rating (SPUR) on the city's outstanding sales tax debt, as well as its 'AAA' SPUR on the city's state-shared prior-lien GRT bonds. The ratings reflect the city's: Role as the region's economic center and continued growth in population and employment, Very strong debt service coverage, A strong sales tax base that has shown resilience through economic cycles, Dependence on pledged revenue for operations, and Strong legal provisions. These bonds are secured by pledged state-shared GRT revenues of 1.225% and are subordinate to prior-lien tax obligations, which mature in 2018, and on parity
