S&P Global Ratings assigned its 'AAA' rating to the New Mexico Finance Authority's (NMFA) $40.065 million series 2025B subordinate-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. 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 governmental gross receipts tax (GGRT) revenue, after payment of senior-lien debt service. Senior-lien bonds are secured by senior indenture borrower agreement revenue and a first lien on the authority's 75% portion of statewide GGRT distributions to the PPRF. The senior- and subordinate-lien bonds are
