Moody’s Ratings has projected a negative outlook for New York City’s finances, chalking it up to the city’s large and persistent projected budget gaps — and citing Mayor Mamdani’s plan to draw down from reserves in order to balance the budget this year.
The negative outlook won’t have any immediate impact on the city’s borrowing abilities or bond rating, which remains strong.
But it serves as a warning shot to the city over its financial footing, and could be a precursor to the rating being downgraded.
But it serves as a warning shot to the city over its financial footing, and could be a precursor to the rating being downgraded.
https://www.yahoo.com/news/articles/moody-downgrades-nyc-financial-outlook-202000768.html