Dona Ana Community College, NM (DACC, GOLT Aa2) has a stable credit profile supported by a sizeable tax base, which is expected to see moderate increases from market appreciation and some new development in and around the City of Las Cruces (Aa2). The financial position has been relatively stable despite a modest deficit in fiscal 2021. Management maintains significant additional liquidity outside the primary operating fund, a positive for the credit profile. Although the district plans to issue additional debt in the next couple of years, the debt burden is low and is expected to remain so given above average principal amortization. The credit profile is constrained by below average resident income indices, trend of historic enrollment declines, and an above average pension burden, reflective of the district’s participation in a poorly-funded defined benefit pension plan administered by the state.