New Mexico Finance Authority Subordinate-Lien Bond Rating Raised To 'AAA' From 'AA+' On Enhanced Collateral

DALLAS (S&P Global Ratings) July 28, 2017--S&P Global Ratings has raised its rating on the New Mexico Finance Authority's (NMFA) subordinate-lien bonds to 'AAA' from 'AA+'. Earlier this year, we revised the outlook on the subordinate-lien bonds to positive from stable, reflecting the potential for the rating to be raised to 'AAA'. "The NMFA Board formally established an indentured subordinate-lien reserve fund using funds from the contingent liquidity account, thereby enhancing the collateral now available for the subordinate-lien bonds," said S&P Global Ratings credit analyst James Breeding. At the same time, S&P Global Ratings has assigned its 'AAA' rating to the NMFA's series 2017D subordinate-lien public project revolving fund (PPRF) revenue bonds. S&P Global Ratings also affirmed its 'AAA' rating

...DALLAS (S&P Global Ratings) July 28, 2017--S&P Global Ratings has raised its rating on the New Mexico Finance Authority's (NMFA) subordinate-lien bonds to '###' from '##+'. Earlier this year, we revised the outlook on the subordinate-lien bonds to positive from stable, reflecting the potential for the rating to be raised to '###'. "The NMFA Board formally established an indentured subordinate-lien reserve fund using funds from the contingent liquidity account, thereby enhancing the collateral now available for the subordinate-lien bonds," said S&P Global Ratings credit analyst James Breeding. At the same time, S&P Global Ratings has assigned its '###' rating to the NMFA's series 2017D subordinate-lien public project revolving fund (PPRF) revenue bonds. S&P Global Ratings also affirmed its '###' rating on the authority's previously issued senior-lien bonds. The '###' rating on the senior-lien and subordinate-lien bonds reflects our view of the combination of a very strong enterprise risk...

Ratings Action