S&P rates New Mexico transportation bonds AA/A-1+, AA-/A-1+

Standard & Poor's said it assigned an AA/A-1+ rating to New Mexico Mortgage Finance Authority's adjustable-rate state transportation refunding revenue bonds (subordinate lien) variable-rate demand revenue bonds, series 2008A-1 and 2008B-1, issued on behalf of the New Mexico State Transportation Commission.

S&P also gave an AA-/A-1+ rating to the authority's series 2008A-2 and 2008B-2 bonds issued for the commission.

The issues include $35.2 million of series A-2, $100 million of series B-2, $80 million of series A-2 and $120 million of series B-2.

The ratings are based partly on letters of credit (LoCs). State Street Bank & Trust Co., which is rated AA/A-1+, provides the LoC for the series 2008A-1 and 2008B-1 bonds. UBS AG, which is rated AA-/A-1+, provides the LoC for the series 2008A-2 and 2008B-2 bonds.

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