...S&P Global Ratings assigned its '##' rating to the New Mexico Finance Authority's (NMFA) state transportation refunding revenue bonds (state transportation commission-subordinate lien), series 2018A, issued for the New Mexico State Transportation Commission. The outlook is stable. S&P Global Ratings also affirmed its '##' rating, and stable outlook, on the NMFA's $116.3 million outstanding parity subordinate-lien bonds and its '###' and stable outlook to the NMFA's $555.1 million outstanding senior-lien state transportation revenue debt. The ratings reflect what we view as: + A relatively stable trend in pledged state revenues, including nearly all statewide vehicle-related fees and fuel taxes, which provide strong debt service coverage excluding pledged federal revenue; + Very strong historical and projected debt service coverage by state revenue alone, particularly for the senior bonds, which offsets the lack of debt service reserve funds; + A very strong additional bonds test of 3.0x...
