S&P gives New Mexico State Transportation bonds AA

Standard & Poor's said it assigned its AA rating and stable outlook to New Mexico Finance Authority's adjustable-rate subordinate-lien state transportation refunding revenue bonds issued for New Mexico State Transportation Commission, formerly known as New Mexico State Highway Commission.

At the same time, S&P said it affirmed its AA underlying rating on the authority's existing parity subordinate-lien gas tax bonds, including series 2004B, 2004C, 2006B, 2006C1-3 and 2006D1-3.

The agency said it also affirmed its AAA standard long-term rating and underlying rating on the commission's series 1998A, 1998B and 2002B closed senior subordinate-lien tax revenue highway bonds.

In addition, S&P said it affirmed its AA+ standard long-term rating, with a stable outlook, on the authority's series 2004A and 2006A senior-lien state transportation revenue bonds, issued for the commission.

The A-1+ short-term rating was also assigned to the 2008C and 2008D bonds, reflecting a liquidity facility provided by JPMorgan Chase Bank NA (AA/A-1+).

The $84.8 million of series 2008C bonds are due June 15, 2024 and the $50.4 million of series 2008D bonds due June 15, 2027.

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