Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Albuquerque, N.M.'s gross receipts tax (GRT) refunding revenue bonds series 2009A and 2009B. In addition, Standard&Poor's affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the city's previously outstanding GRT debt. The ratings reflect the city's: Role as economic center for the region; Very strong debt service coverage; A strong sales tax base that has shown resilience through economic cycles; Dependence on pledged revenue for operations; Strong legal provisions; and Continued area growth in population and employment. These bonds are secured by pledged state-shared GRT revenues of 1.225% and are subordinate to old lien tax obligations, which mature in 2018, and on parity with new lien
