...NEW YORK (S&P Global Ratings) Sept. 12, 2018--S&P Global Ratings has revised its outlook on the State of New Mexico's general obligation (GO) bonds outstanding to stable from negative and affirmed its '##' rating on the bonds. At the same time, S&P Global Ratings has revised its outlook on the state's annual appropriation-secured debt to stable from negative and affirmed its '##-' rating on the debt. The '##' GO rating reflects what we consider New Mexico's: + Economic concentration in the cyclical oil and gas industry, which is experiencing a strong rebound after a severe downturn, as well as larger-than-average dependence on federal employment; + Cyclical financial performance and reserve levels that have followed recent trends in the oil and gas industry. + Large permanent funds, whose earnings are available for general fund spending; and + Moderate debt levels with rapid amortization, but extremely slow amortization of high unfunded pension liabilities under a statutory funding formula....
