S&P Global Ratings has assigned its 'AAA' rating to the New Mexico Finance Authority's series 2017C senior-lien public project revolving fund (PPRF) revenue bonds. We also have affirmed our 'AAA' rating on the authority's outstanding senior-lien bonds and our 'AA+' rating on its outstanding subordinate-lien bonds. The outlook remains stable on the senior-lien bonds. We have revised the outlook on the subordinate-lien bonds to positive from stable. The outlook revision reflects the intent of the NMFA board to establish an indentured subordinate-lien reserve fund using funds from the contingent liquidity account. The 'AAA' rating on the senior-lien bonds reflects our view of the combination of a very strong enterprise risk profile score and an extremely strong financial risk profile score,
