DALLAS — As New Mexico's legislature nears completion of a budget, the state plans to raise about $140 million for state universities and other programs through the competitive sale of general obligation bonds on March 19.

With short maturities through 2023, the bonds carry ratings of Aaa from Moody's Investment Service and AA-plus from Standard & Poor's. Moody's has a negative outlook on New Mexico based on the state's relatively high dependence on federal employment and contracting. Fitch Ratings does not rate the issue.

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