ALBUQUERQUE, N.M. — The bond ratings of New Mexico public schools and higher education institutions continue to feel pressure thanks to ongoing state budget challenges.
Moody’s Investors Service, a credit rating agency, said the University of New Mexico, New Mexico State University, and the New Mexico Institute for Mining and Technology’s rating outlooks have moved from stable to negative – though their ratings remained unchanged.
The New Mexico Military Institute was less fortunate as Moody’s downgraded the military school’s Aa2 rating to Aa3. And Moody’s lowered the enhanced credit ratings for 51 of New Mexico’s 89 public school districts.
Lower bond ratings could mean higher borrowing costs for the public institutions.