Summary: New Mexico Finance Authority; State Revolving Funds/Pools

S&P Global Ratings has assigned its 'AAA' rating to the New Mexico Finance Authority's series 2018B senior-lien public project revolving fund (PPRF) revenue bonds and series 2018C subordinate-lien PPRF bonds. We also have affirmed our 'AAA' rating on the authority's previously issued senior-lien and subordinate-lien bonds. The outlook on all ratings is stable. The 'AAA' rating 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);

...S&P Global Ratings has assigned its '###' rating to the New Mexico Finance Authority's series 2018B senior-lien public project revolving fund (PPRF) revenue bonds and series 2018C subordinate-lien PPRF bonds. We also have affirmed our '###' rating on the authority's previously issued senior-lien and subordinate-lien bonds. The outlook on all ratings is stable. The '###' rating 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 rates and no defaults; and + Generally strong financial policies and practices. The '###' rating also reflects the application of available overrides given exceptionally low default...

Summary