S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority 's (NMFA) $216.680 million series 2025C subordinate-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. NEW YORK (S&P Global Ratings) Sep. 11, 2025--S&P Global Ratings today took the rating actions listed above. The stable outlook reflects our expectation that the program will maintain its strong repayment performance and that, as additional bonds are issued, management will sustain overcollateralization through revenue and reserves in a manner consistent with the rating level. Although we view this as unlikely, should there be a sizable
