S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) $45.27 million series 2024B 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 26 projects made under the PPRF program. Senior-lien bonds are secured by senior-lien revenue and a first lien on the authority's 75% portion of statewide governmental gross receipts tax (GGRT) distributions to the PPRF. The subordinate-lien bonds are secured by subordinate indenture borrower agreement revenue, plus revenue released from the senior lien, including excess senior-lien and GGRT revenue, after payment of senior-lien debt
