S&P Global Ratings assigned its 'AA' long-term rating to the State of New Mexico 's $273.9 million general obligation (GO) bonds, series 2025. We also affirmed our 'AA' long-term rating on New Mexico's GO debt outstanding. The outlook is stable. The state's full faith and credit, including revenue from an unlimited ad valorem tax on taxable property, secures the GO bonds. New Mexico annually levies property taxes in amounts sufficient to provide a reasonable cash surplus in excess of the next year's debt service payments on its GO debt to protect against delinquent tax payments. The series 2025 bond proceeds will be used to fund various capital improvement projects throughout the state. The rating reflects our view of the state's
