...S&P Global Ratings assigned its '###' rating to the New Mexico Finance Authority's series 2019A subordinate-lien public project revolving fund (PPRF) revenue bonds. S&P Global Ratings also affirmed its '###' rating on the authority's previously issued senior- and subordinate-lien bonds. The outlook is stable. The rating reflects our view of the combination of a very strong enterprise risk profile score, extremely strong financial risk profile score, and additional positive factors resulting from the following: + A very strong enterprise-risk score, supported by the state's statutory authority for the program; + An extremely strong financial-risk score due primarily to annual coverage generated from loan repayments and government gross receipt taxes (GGRT), supported by strong financial management policies and practices; and + The application of final adjustments outlined in criteria for exceptionally low default and delinquency rates, coupled with the ability of cash flows to withstand...
