Research Update: New Mexico Finance Authority's Series 2026A-B Public Project Revolving Fund Revenue Bonds Assigned Various Ratings

S&P Global Ratings assigned its 'AAA' long-term rating to the New Mexico Finance Authority 's (NMFA, or the authority) $29.9 million series 2026A 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 $39.3 million series 2026B 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. 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 senior-lien, including excess senior-lien loan revenue and GGRT revenue, after

...Program description: The New Mexico Finance Authority (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