Credit Warning
All 4 major rating agencies have issued negative outlooks on NYC's fiscal health, citing concern over reserve drawdowns while revenue is growing. The city is spending more than it takes in.
Moody's(Aa2)Negative outlookS&P(AA)Negative outlookFitch(AA)Negative outlookKBRA(AA+)Negative outlook
If downgraded: ~$360M added cost on $5B in new bond issuances over 30 years|Next trigger: Executive Budget (May 2026)