Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to New Mexico Finance Authority's (the authority) series 2009D-1 tax-exempt and D-2 taxable senior-lien public project revolving fund (PPRF) revenue bonds. In addition, Standard & Poor's affirmed its 'AA+' long-term rating and underlying rating on the authority's bonds outstanding. Program features include what we view as: A large borrower pool of governmental entities; The program's currently good (1.29x) maximum annual debt service coverage (DSC) by cash flow streams that can withstand our default tolerance tests relative to the program's diversity at the 'AA' rating category; The formalized policies that define the program's loan management and debt management practices, including enhanced systems and portfolio control in the past...
Companies mentioned in this report are:
- New Mexico Fin Auth
Action: New Rating
Action: Outlook: Stable
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