New Mexico Finance Authority New Mexico State Transportation Commission; Gas Tax

S&P Global Ratings assigned its 'AA' rating to the New Mexico Finance Authority's pro forma $234.6 million state transportation refunding revenue bonds (state transportation commission subordinate lien), series 2021A, issued for the New Mexico State Transportation Commission. At the same time, we affirmed our 'AA+' rating on the senior-lien transportation revenue bonds as well as our 'AA' rating on the outstanding subordinate-lien revenue bonds. The outlook on both the senior-lien and subordinate lien-revenue bonds is stable. We rate the bonds under our priority-lien tax revenue debt criteria, published Oct. 22, 2018, which factor in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the

...S&P Global Ratings assigned its '##' rating to the New Mexico Finance Authority's pro forma $234.6 million state transportation refunding revenue bonds (state transportation commission subordinate lien), series 2021A, issued for the New Mexico State Transportation Commission. At the same time, we affirmed our '##+' rating on the senior-lien transportation revenue bonds as well as our '##' rating on the outstanding subordinate-lien revenue bonds. The outlook on both the senior-lien and subordinate lien-revenue bonds is stable. We rate the bonds under our priority-lien tax revenue debt criteria, published Oct. 22, 2018, which factor in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the obligor's creditworthiness or OC). The priority-lien rating for the transportation infrastructure revenue bonds is tied to the OC for the state of New Mexico. The senior-lien transportation revenue...

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