S&P Global Ratings assigned its 'AA' long-term rating to the State of New Mexico 's $273.9 million general obligation (GO) bonds, series 2025. We also affirmed our 'AA' long-term rating on New Mexico's GO debt outstanding. The outlook is stable. SAN FRANCISCO (S&P Global Ratings) May 6, 2025--S&P Global Ratings today took the rating actions listed above. Environmental and social factors are a moderately negative consideration in our credit rating analysis. The state is the second-largest crude oil producer in the nation, with energy-related taxes representing an estimated 30% of general fund revenue in fiscal 2024. Concentration in carbon-emission-intensive industries could negatively affect financial operations given policy and regulatory efforts to transition to net zero. Favorably, the state can diversify
