The Moody’s ratings service has Serious Questions about four New Mexico Communities.

Moody’s Investors Service has released a list of 29 local government entities across the country that the company claims have net pension liabilities that are too large compared to their rating category. On the list? The New Mexico cities of Santa Fe, Las Vegas and Alamogordo, as well as Sante Fe County.
“We believe liabilities are under reported from a balance sheet perspective,” said Timothy Blake, Moody’s managing director, when the list was released in mid-April. “The purpose of the adjustments is to provide greater transparency and comparability in pension liability measures for use in credit analysis.”
Santa Fe's pension liabilities are six times that of its operating revenue according . . . 

http://watchdog.org/97234/santa-fe-cries-foul-after-moodys-considers-credit-downgrade-for-pension-debt/
All of this newly re-evaluated municipal reporting information comes on the heals of a rash of municiapl defaults including Detroit, MI, San Bernadino, CA, Stockton, CA recent bankruptcy filings.