S&P Global Ratings assigned its 'AAA' long-term rating to the New Mexico Finance Authority's (NMFA) $159.0 million series 2023B senior-lien public project revolving fund (PPRF) revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on NMFA's outstanding senior- and subordinate-lien bonds. The outlook is stable. Bond proceeds will reimburse or simultaneously fund 22 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 bonds are also secured by a debt service reserve fund. The subordinate-lien bonds have a subordinate pledge of the trust estate
