...NEW YORK (S&P Global Ratings) July 12, 2017--S&P Global Ratings has assigned its '##' rating and negative outlook to the State of New Mexico's $153.6 million capital projects general obligation (GO) bonds, series 2017A, and GO bonds, refunding series 2017B. At the same time, S&P Global Ratings affirmed its '##' rating, with a negative outlook, on New Mexico's GO bonds outstanding and '##-' rating on state annual appropriation-secured debt. "In our view, the state's ability to maintain adequate reserves in view of volatile revenue sources is a key credit concern. To date, the state has been able make midyear budget corrections as needed, although sometimes using substantial one-time budget measures," said S&P Global Ratings credit analyst David Hitchcock. The '##' GO rating reflects what we consider New Mexico's: + Economy that is somewhat reliant on the cyclical oil and gas industry, which appears to be experiencing a modest rebound after a severe downturn, as well as relatively more stable...
