...NEW YORK (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings assigned its '##-' rating to the State of New Mexico's $34.39 million severance tax bonds, series 2016D, and $35.91 million taxable severance tax bonds, series 2016E, and affirmed its '##-' rating on the state's $721.1 million outstanding parity senior-lien severance tax bonds. At the same time, S&P Global Ratings also affirmed its 'A+' rating on New Mexico's $109.2 million outstanding subordinate supplemental severance tax bonds. The outlook is stable. A lien on money deposited into the severance tax bonding fund, including net tax receipts generated from natural gas, oil, and other severed natural resources in New Mexico, secures the senior severance tax bonds. The supplemental severance tax bonds are secured by a second lien on pledged revenues, after payment of senior debt service. "We view the state's strong additional bond tests as a credit strength," said S&P Global Ratings credit analyst David Hitchcock. The ratings...
