S&P Global Ratings affirmed its 'AA' long-term rating on New Mexico Mortgage Finance Authority's (Sun Pointe Park Apartments) series 2005E and 2005F multifamily housing revenue bonds issued for Sun Pointe Park LP. The outlook is negative. A mortgage loan insured by the Federal Housing Administration (FHA) under Section 542(c) of the Housing and Community Development Act of 1992, which relates to the FHA's risk-sharing program, secures the bonds. The rating reflects our view of: The very strong credit quality of the FHA-insured mortgage-loan collateral, which is considered 'AA+' eligible under our criteria; The sufficiency of revenues from mortgage-debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; A debt service reserve fund
