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

S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's series 2018D senior-lien public project revolving fund (PPRF) revenue bonds and series 2018E subordinate-lien PPRF bonds. S&P Global Ratings also affirmed its 'AAA' rating on the authority's previously issued senior-lien and subordinate-lien bonds. The outlook 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

...S&P Global Ratings assigned its '###' rating to the New Mexico Finance Authority's series 2018D senior-lien public project revolving fund (PPRF) revenue bonds and series 2018E subordinate-lien PPRF bonds. S&P Global Ratings also affirmed its '###' rating on the authority's previously issued senior-lien and subordinate-lien bonds. The outlook 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 and delinquency history...

Summary