S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) series 2022B senior-lien public project revolving fund (PPRF) revenue and refunding bonds, to be issued at about $55.4 million. S&P Global Ratings also affirmed its 'AAA' rating on the authority's previously issued senior- and subordinate-lien bonds. The outlook is stable. Bond proceeds will reimburse funds for 19 projects made under the PPRF program. The stable outlook reflects our expectation for continued stable borrower credit quality and timely borrower loan repayment, coupled with steady governmental gross receipts tax (GGRT) revenues. The rating reflects our view of the combination of a very strong enterprise risk profile score, an extremely strong financial risk profile score, and additional positive factors
