...S&P Global Ratings has raised its rating on the New Mexico Finance Authority's (NMFA) subordinate-lien bonds to '###' from '##+'. Earlier this year, we revised the outlook on the subordinate-lien bonds to positive from stable, reflecting the potential for the rating to be raised to '###'. Subsequently, the NMFA Board formally established an indentured subordinate-lien reserve fund using funds from the contingent liquidity account, thereby enhancing the collateral now available for the subordinate-lien bonds. At the same time, S&P Global Ratings has assigned its '###' rating to the NMFA's series 2017D subordinate-lien public project revolving fund (PPRF) revenue bonds. S&P Global Ratings also affirmed its '###' rating on the authority's previously issued senior-lien bonds. The stable outlook reflects our expectation for continued stable borrower credit quality and timely borrower loan repayment, coupled with steady GGRT revenues. Neither the enterprise risk nor the financial risk profile...
