S&P Global Ratings assigned its 'AA' long-term rating to the New Mexico Finance Authority 's $194.57 million series 2026A state transportation revenue bonds (state transportation commission--subordinate lien), issued for the New Mexico State Transportation Commission . At the same time, we affirmed our 'AA+' long-term rating on the senior-lien transportation revenue bonds outstanding as well as our 'AA' rating on the subordinate-lien revenue bonds outstanding. The outlook on both the senior- and subordinate lien-revenue bond ratings is stable. The senior-lien transportation revenue bonds are secured by a first-lien pledge of various taxes and fees required to be paid into the state road fund (SRF), certain federal transportation revenue, and taxes and fees that must be deposited into the highway infrastructure
