S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) series 2021B subordinate-lien public project revolving fund (PPRF) revenue and refunding bonds, to be issued at about $31.5 million. 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 17 projects made under the PPRF program. The outlook is stable. The rating reflects our view of the combination of a very strong enterprise risk profile, an extremely strong financial risk profile, and additional positive factors resulting from the following: A very strong enterprise risk profile, supported by the state's statutory authority for the program; An extremely strong financial risk profile, due primarily to
