CNM Investor
Agency Contacts
Moody's Investors Service
Public Finance Regional Office
One Front Street, Suite 1900
San Francisco, CA 94111
(212) 553-1653
Standard & Poor's Financial Services
55 Water St
New York, NY 10041
(877) 772-5436 Option 3,1
CNM issues general obligation (limited tax) bonds (GO(LT)), which are a common type of municipal bond issued by local and state governments, where the entity levies a tax to service debt obligations. The limited tax nature is only for structuring bond payments; the tax rate limit is $5.00 per $1,000 of assessed property valuation. The current tax rate is $1.00 per $1,000 of property. Following the issuance, the tax rate can exceed $5.00 in the event the tax base is reduced.
These general obligation bonds are an attractive investment because they are considered to be very low risk. Consequently, GO(LT)s generally have high bond ratings because factored into the default risk is the municipality’s ability to raise tax rates or levy new taxes in order to meet its obligation to bondholders.
Another great benefit of GO(LT)s is that the interest earned is exempt from federal income tax.
All of CNM’s GO(LT) debt service requirements are paid by mill levies (property tax) from both Bernalillo and Sandoval Counties. CNM does not have any revenue bonds outstanding but is permitted to issue system revenue bonds.
You can learn more about the debt management and guidance in CNM's Debt Management Policy.
Credit Ratings
On CNM’s General Obligation (Limited Tax) bonds (Series 2023), Moody’s gave a rating of Aa1, and Standard & Poor’s rated them AA+.
Read the full rating reports:
Long Term Debt Securities Credit Rating Scale
|
Moody's Rating Scale |
S&P Rating Scale |
Rating Description |
|---|---|---|
|
Aaa |
AAA |
Prime |
|
Aa1 (CNM GO(LT) rating) |
AA+ (CNM GO(LT) rating) |
High Grade |
|
Aa2 |
AA |
|
|
Aa3 |
AA- |
|
|
A1 |
A+ |
Upper Medium Grade |
|
A2 |
A |
|
|
A3 |
A- |
|
|
Baa1 |
BBB+ |
Lower Medium Grade |
|
Baa2 |
BBB |
|
|
Baa3 |
BBB- |
Preliminary Official Statement
General Obligation (Limited Tax) Bonds Series 2023
$45,850,000
Sale date and time: April 25, 2023, 10:30 a.m. - 11 a.m. ET
Financial Reports
Prior state audits can be viewed at the New Mexico State Auditor site by searching for Central New Mexico Community College.
Prices, disclosures and other information regarding our municipal bonds can be found at the Electronic Municipal Market Access website.