...June 20, 2019 NEW YORK (S&P Global Ratings) June 20, 2019--S&P Global Ratings has assigned its '##' rating to the State of New Mexico's $148.695 million capital projects general obligation (GO) bonds, series 2019 and affirmed its '##' rating on state's GO bonds outstanding. The outlook on all bonds is stable. The '##' GO rating reflects what we consider New Mexico's: - Economic concentration in the cyclical oil and gas industry, which is experiencing a strong rebound after a severe downturn, as well as larger-than-average dependence on federal employment; - Cyclical financial performance and reserve levels that have followed recent trends in the oil and gas industry. General fund reserves have rebounded from what we considered minimal levels in 2016, despite midyear budget cutting and one-time budget actions during the oil and gas downturn, to projected levels we consider strong at fiscal year-end 2018 and projected for fiscal years 2019 and 2020; - Large permanent funds, whose earnings...
