Research Update: New Mexico Finance Authority Series 2026C Senior-Lien Public Project Revolving Fund Revenue Bonds Rated 'AAA'

S&P Global Ratings assigned its 'AAA' long-term rating to the New Mexico Finance Authority 's (NMFA, or the authority) $111.6 million series 2026C senior-lien public project revolving fund (PPRF) revenue bonds. At the same time, S&P Global Ratings assigned its 'AA' long-term rating to NMFA's $50.6 million series 2026D junior-lien PPRF revenue bonds. Finally, S&P Global Ratings affirmed its 'AAA' long-term rating on NMFA's senior- and subordinate-lien bonds outstanding and its 'AA' long-term rating on NMFA's junior-lien bonds outstanding. The outlook is stable. Senior indenture borrower agreement revenue and a first lien on the PPRF's 75% portion of New Mexico's governmental gross receipts tax (GGRT) distribution secure the senior-lien bonds. Subordinate indenture borrower agreement revenue plus revenue released from the

...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. It 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