...S&P Global Ratings has revised its outlook on the State of New Mexico to stable from negative and affirmed its '##' rating on the state's general obligation (GO) debt. At the same time, we revised our rating outlook to stable from negative on New Mexico State Transportation Commission's senior-lien transportation revenue bonds to stable from negative, based on the application of our "Priority-Lien" criteria (published Oct. 22, 2018, on RatingsDirect), which limits the highway revenue bonds to no more than one notch above the state GO rating. The outlook change does not affect the lower-rated subordinate-lien highway revenue bonds (##/Stable). S&P Global Ratings also assigned its '##' rating on New Mexico's series 2021 GO capital projects bonds. The state's full faith and credit pledge, including an unlimited ad valorem tax on taxable property, secures the GO bonds. New Mexico annually levies property taxes in amounts sufficient to provide a reasonable cash surplus in excess of the next...
