The state’s budget situation and the fix to solve a budget deficit mean that it will cost more to borrow money. That’s the news from Moody’s Investor Service. The bond-rating agency dropped New Mexico from the top rating of AAA to the next level of AA1, still a very high bond rating. According to Jeff Mitchell, the director of the Bureau of Business and Economic Research at the University of New Mexico, the downgrade itself will not be very impactful or have any significant effect on the state. “It’s not, however, a good sign,” Mitchell said.