S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) series 2020A senior-lien public project revolving fund (PPRF) revenue and refunding bonds. S&P Global Ratings also affirmed its 'AAA' rating on the authority's previously issued senior- and subordinate-lien bonds. Bond proceeds will reimburse funds for 10 loans made under the PPRF program and refund the outstanding 2010A-1 and 2010B-1 senior-lien PPRF bonds. Because we view securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is capped at two notches above the sovereign. However, no specific sovereign default stress is applied, given the U.S. sovereign rating is 'AA+'. The outlook is stable. The stable outlook reflects our expectation
