S&P Global Ratings assigned its 'AA+' long-term rating to the New Mexico Finance Authority's $116.6 million state transportation refunding revenue bonds (state transportation commission senior lien), series 2024A, issued for the New Mexico State Transportation Commission. At the same time, we affirmed our 'AA+' long-term rating on the senior-lien transportation revenue bonds as well as our 'AA' rating on the subordinate-lien revenue bonds outstanding. The outlook on both the senior- and subordinate lien-revenue bonds is stable. We rate the bonds under our "priority-lien tax revenue debt criteria" criteria, published Oct. 22, 2018, on RatingsDirect, which factor in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed
