S&P Global Ratings affirmed its 'AA' long-term rating on the State of New Mexico's outstanding general obligation (GO) bonds based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The outlook is stable. 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 year's debt service payments on its GO debt to provide protection against delinquent tax payments. The GO rating reflects the state's historically strong reserves in recent years, which we believe aids them during their times of revenue volatility given their
