Research Update: New Mexico Finance Authority Series 2025C Subordinate-Lien Public Project Revolving Revenue Bonds Assigned 'AAA' Rating

S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority 's (NMFA) $216.680 million series 2025C subordinate-lien public project revolving fund (PPRF) revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on NMFA's outstanding senior- and subordinate-lien bonds. The outlook is stable. The subordinate-lien bonds are secured by subordinate indenture borrower agreement revenue, plus revenue released from the senior lien, including excess senior-lien loan revenue and governmental gross receipts tax (GGRT) revenue, after payment of senior-lien debt service. The senior-lien bonds are secured by senior indenture borrower agreement revenue and a first lien on the authority's 75% portion of statewide GGRT distributions to the PPRF. The senior- and

...Program description: NMFA was formed in 1992 as a broad-based finance agency that is a government instrumentality and operates separate and apart from the state. NMFA exists to make loans and grants and to purchase or sell securities toward assisting qualified entities in financing acquisition, construction, improvement, alteration, or reconstruction of assets of a long-term capital nature....

Research Update