New Mexico GO Rating Affirmed At 'AA' On Application Of New Criteria; Outlook Stable

SAN FRANCISCO (S&P Global Ratings) Oct. 23, 2024--S&P Global Ratings affirmed its 'AA' long-term rating on the State of New Mexico's outstanding general obligation (GO) bonds based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The outlook is stable. "The GO rating reflects the state's historically strong reserves in recent years, which we believe aids them during their times of revenue volatility given their exposure to energy-related tax revenues, as well as a modest debt burden with rapid amortization, but offset by significant pension liabilities, although recent reforms could improve this risk over the long term," said S&P Global Ratings credit analyst Kevin Archer. "The rating further reflects state income levels that

...October 23, 2024 SAN FRANCISCO (S&P Global Ratings) Oct. 23, 2024--S&P Global Ratings affirmed its '##' long-term rating on the State of New Mexico's outstanding general obligation (GO) bonds based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The outlook is stable. "The GO rating reflects the state's historically strong reserves in recent years, which we believe aids them during their times of revenue volatility given their exposure to energy-related tax revenues, as well as a modest debt burden with rapid amortization, but offset by significant pension liabilities, although recent reforms could improve this risk over the long term," said S&P Global Ratings credit analyst Kevin Archer. "The rating further reflects state income levels that are below the national average and population growth that has lagged the nation over the past decade, but an economy that also benefits from a large, stabilizing federal employment presence."...

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