New Mexico Finance Authority – State Transportation Commission Rating Report
Rating Summary
The rating reflects the breadth and stability of Pledged Revenues, which include transportation related taxes, fees and federal revenues that amply support coverage of maximum annual debt service. The exceptionally strong legal protections of the Master Indenture, together with constitutional non-impairment provisions that remain in place while obligations are outstanding, further inform the rating. KBRA assigns the same rating to both the Senior Lien Bonds and the Subordinate Lien Bonds. Credit risks, including periodic reauthorization of Federal funding, are manageable at the current rating level. Even without the inclusion of Federal Aid Highway Program (FAHP) funds as part of Pledged Revenues, debt service coverage is strong.
Proceeds of the Series 2026B State Transportation Revenue Bonds (the “2026B Bonds”) will fund the acquisition of rights of way, planning, design, and construction of State Transportation Projects for which general fund appropriations were made…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.