Source: New York Post
A drop in the Big Apple’s credit rating will come with a price tag of up to $200 million right off the bat — and could trigger a disastrous chain reaction that costs the city more than $14 billion, a new analysis shows. The study by the City Council warns that if major bond-rating companies follow through with their recent threat of a city downgrade, the move could devastate the city’s annual refinancing ability. The current potential credit hit, the first since 2020, would increase the city government’s borrowing rates from 6% to 6.
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