SANTA FE, N.M. (AP) -- Moody's Investors Service has decided to make no changes in the credit worthiness of the New Mexico Finance Authority because of a fake audit scandal.
The authority announced Wednesday that Moody's has reaffirmed its bond ratings and no longer is considering a possible downgrade, which could have affected about $1.2 billion in outstanding bonds that helped finance capital improvement projects for New Mexico governments.
The authority's former controller pleaded guilty last year to forgery and securities fraud for faking the agency's annual financial audit. A special audit later found no money missing or embezzlement.
The authority plans to issue bonds in June to finance $50 million in projects. The authority had been unable to issue bonds without a legitimate audit of its annual finances.