S&P Global Ratings has assigned its 'AA' rating and negative outlook to the State of New Mexico's $153.6 million capital projects general obligation (GO) bonds, series 2017A, and $153.96 million GO bonds, refunding series 2017B. At the same time, S&P Global Ratings affirmed its 'AA' rating, with a negative outlook, on New Mexico's GO bonds outstanding and 'AA-' rating on state annual appropriation-secured debt. The 'AA' GO rating reflects what we consider New Mexico's: Economy that is somewhat reliant on the cyclical oil and gas industry, which appears to be experiencing a modest rebound after a severe downturn, as well as relatively more stable federal employment; Recent structural imbalances and timely state action to restore positive reserves, albeit with significant
