S&P Global Ratings assigned its 'AAA' long-term rating to the New Mexico Finance Authority's (NMFA) $68.8 million series 2022C senior-lien public project revolving fund (PPRF) revenue bonds. S&P Global Ratings affirmed its 'AAA' long-term rating on NMFA's previously issued senior- and subordinate-lien bonds. The outlook is stable. Bond proceeds will reimburse funds for 21 projects made under the PPRF program. Payment of debt service is secured through the trust estate, which includes payments under borrower loan agreements, and the authority's 75% portion of statewide governmental gross receipts tax (GGRT) collections. The subordinate-lien bonds have a subordinate pledge of the trust estate revenues, plus specific borrower loan payments related to the subordinate-lien bonds. We assess NMFA's enterprise risk profile as very
