S&P Global Ratings has assigned its 'AAA' rating to the New Mexico Finance Authority's series 2018A senior-lien public project revolving fund (PPRF) revenue bonds. We also have affirmed our 'AAA' rating on the authority's senior-lien bonds and subordinate-lien bonds outstanding. The 'AAA' rating on the senior-lien bonds and subordinate-lien bonds reflects our view of the combination of a very strong enterprise risk profile score and an extremely strong financial risk profile score, resulting from: A very strong market position; An extremely strong loss coverage score (LCS), partially offset by the high degree of concentration in the program as a whole, but bolstered by a history of positive growth in government gross receipt taxes (GGRT); A history of very low delinquency
