New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating - S&P Global Ratings’ Credit Research

New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating

New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating - S&P Global Ratings’ Credit Research
New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating
Published Jan 23, 2025
2 pages (1126 words) — Published Jan 23, 2025
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About This Report

  
Abstract:

SAN FRANCISCO (S&P Global Ratings) Jan. 23, 2025--S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) $76.77 million series 2025A-1 and $24.23 million series 2025A-2 senior-lien public project revolving fund (PPRF) revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on NMFA's outstanding senior- and subordinate-lien bonds. The outlook is stable. "The program benefits from robust annual debt service coverage generated from loan repayments and GGRT revenue, separate reserves pledged to each lien, and strong financial management policies and practices," said S&P Global Ratings credit analyst Adriana Artola. "It also benefits from the state's statutory authority of the PPRF program and the program's allocation of 75%

  
Brief Excerpt:

...January 23, 2025 SAN FRANCISCO (S&P Global Ratings) Jan. 23, 2025--S&P Global Ratings assigned its '###' rating to the New Mexico Finance Authority's (NMFA) $76.77 million series 2025A-1 and $24.23 million series 2025A-2 senior-lien public project revolving fund (PPRF) revenue bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating (SPUR) on NMFA's outstanding senior- and subordinate-lien bonds. The outlook is stable. "The program benefits from robust annual debt service coverage generated from loan repayments and GGRT revenue, separate reserves pledged to each lien, and strong financial management policies and practices," said S&P Global Ratings credit analyst Adriana Artola. "It also benefits from the state's statutory authority of the PPRF program and the program's allocation of 75% of the state governmental gross receipts tax authorized under statute. In addition, we believe a key credit strength is the portfolio's long history with no defaults...

  
Report Type:

Ratings Action

Issuer
New Mexico Finance Authority
Sector
Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating" Jan 23, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/New-Mexico-Finance-Authority-Series-2025A-Public-Project-Revolving-Fund-Revenue-Bonds-Assigned-AAA-Rating-3313004>
  
APA:
S&P Global Ratings’ Credit Research. (). New Mexico Finance Authority Series 2025A Public Project Revolving Fund Revenue Bonds Assigned 'AAA' Rating Jan 23, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/New-Mexico-Finance-Authority-Series-2025A-Public-Project-Revolving-Fund-Revenue-Bonds-Assigned-AAA-Rating-3313004>
  
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