S&P Global Ratings assigned its 'AA' rating to the State of New Mexico's $233.32 million series 2023 capital projects general obligation (GO) bonds, and affirmed its 'AA' rating on the state's $317.5 million parity GO debt outstanding. The outlook is stable. The state's full faith and credit pledge, including an unlimited ad valorem tax on taxable property, secures the GO bonds. New Mexico annually levies property taxes in amounts sufficient to provide a reasonable cash surplus in excess of the next year's debt service payments on its GO debt to provide protection against delinquent tax payments. The series 2023 capital project GO bonds will be used to make capital expenditures for senior citizen facility improvements, library acquisitions, construction and equipment
