City of Albuquerque Bond Rating Remains Stable
January 22, 2016
ALBUQERQUE- This past week city officials were notified by all three bond rating agencies: (1) Moody's Investors Service, (2) Standard & Poor's Rating Services and (3) Fitch Ratings Inc. that the City of Albuquerque has once again received bond ratings of Aa1, AAA, AA+, respectively, with a stable outlook for its General Obligations Bonds and Gross Receipts Tax Bonds that will be sold in the coming weeks. In releasing details of the ratings, all three rating agencies highlighted Albuquerque's diverse economy, strong tax base, strong financial management policies, strong budgetary performance and favorable debt profile with ample debt service coverages.
Mayor Richard J. Berry was pleased to learn the news remarking, "Our stable high bond ratings at the City of Albuquerque are the results of sound financial management practices and affirm that we continue to run an efficient government in which we are good stewards of taxpayer resources. It serves as further evidence that our local economy is trending in a positive direction and if we remain focused on creating a business environment that encourages entrepreneurism and job growth, we will continue to see progress."
The city's "AAA" bond rating from Standard & Poor's is the highest bond rating a municipality can achieve. Out of the 8,000+ cities Moody's rates, Albuquerque remains competitive, ranking within the top tier.