NMDFA News:

SANTA FE — The State of New Mexico received Aa2 and AA/AA bond ratings from Moody’s Investors Service and S&P Global Rating on the upcoming New Mexico General Obligation Bond Series 2023, with an estimated issuance of $233.3 million.

Both rating agencies assigned a stable outlook, providing confidence in the state to bond investors. 

“New Mexico bonds continue to be attractive to investors,” DFA Secretary Wayne Propst said. “Our reserve levels continue to near historic highs, the state has maintained moderate debt levels throughout the year and reforms related to pension obligations, have moderated past concerns expressed about the state’s two pension plans.” 

Moody’s Investors Service assigns an Aa2 rating to New Mexico’s General Obligation Bond Series 2023. Following this issuance, the state will have $550.9 million of general obligation bonds outstanding, all rated Aa2.  

S&P Global Ratings assigns an AA rating to the State of New Mexico’s General Obligation Bond Series 2023 and affirms its AA rating on the state’s $317.5 million of general obligation debt outstanding.  

Rating agencies factor in the strength and stability of the pledged revenues, the entity’s general credit quality, and the security protections governing the collections and distribution of the pledged revenues.