S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) $76.77 million series 2025A-1 and $24.23 million series 2025A-2 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. Senior-lien bonds are secured by: Senior indenture borrower agreement revenue and a first lien on the authority's 75% portion of statewide governmental gross receipts tax (GGRT) distributions to the PPRF; Subordinate-lien bonds are secured by: Subordinate indenture borrower agreement revenue, plus revenue released from the senior lien, including excess senior-lien loan revenue and GGRT revenue, after payment of senior-lien debt service. The
