S&P Global Ratings lowered its rating on New Mexico Mortgage Finance Authority's series 2005E and 2005F revenue bonds, issued for Sun Pointe Park L.P.'s Sun Pointe Park apartments, one notch to 'AA-' from 'AA.' The outlook is stable. The rating action reflects our lowering the rating on Caisse des Depots et Consignations (CDC), the guaranteed-investment-contract (GIC) provider, because the series 2005E and 2005F bond ratings are capped by the rating on CDC. A pledge of payments under the mortgage, insured by the Federal Housing Administration (FHA) pursuant to the FHA/Housing Finance Agency 542 risk-sharing program, secures the series 2005E and 2005F bonds. The rating reflects our opinion of the bonds': Revenue sufficiency from mortgage debt-service payments and investment earnings to
