July 18, 2012 / 3:18 PM / 7 years ago

S&P concerned about New Mexico authority's oversight

July 18 (Reuters) - Standard & Poor’s Rating Services put the New Mexico Finance Authoirty’s senior and subordinate-lien bonds on Creditwatch with negative implications on Wednesday, over concerns about oversight and fraud after the authority stated its fiscal 2011 financial results were not completed properly.

“While the rating on the bonds reflects multiple credit factors, the potential lack of oversight or fraud regarding the authority’s financial position could result in a lower rating,” said Standard & Poor’s credit analyst James Breeding in a statement, citing a press release the authority issued last week.

S&P said it is primarily concerned about oversight of the authority’s gross receipts tax revenues, borrower loan payments, common reserve fund and contingent liquidity account.

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