FARMERS BRANCH (S&P Global Ratings) Sept. 22, 2020--S&P Global Ratings assigned its 'AA+' rating to the New Mexico Finance Authority's state transportation refunding revenue bonds (state transportation commission senior lien), series 2020A, issued for the New Mexico State Transportation Commission. The outlook is negative. At the same time, we affirmed our 'AA' rating on the subordinate-lien transportation revenue bonds, which reflects our lower stand-alone credit profile (SACP) assessment of the subordinate-lien pledged revenue stream. The outlook on the subordinate-lien revenue bonds is stable. "The outlook on the senior-lien revenue bonds reflects the negative outlook on the state's general obligation (GO) bonds and the application of our priority-lien criteria (published Oct. 22, 2018 on RatingsDirect), which limits the transportation revenue bonds
