NYC’s credit rating on downslide as Moody’s sounds alarm over budget gaps

Source: New York Post

A major debt-rating agency warned investors Wednesday that it may soon to downgrade New York City’s credit rating — a major blow to the Big Apple that would trigger increased borrowing costs. Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politics Moody’s Ratings said it has changed the city’s credit status from stable to negative, the first step in potentially lowering its Aa2 issuer rating. “The negative outlook reflects the emergence of sizable and persistent projected budget gaps that signal underlying structural imbalance and reduced financial flexibility, despite New York City’s still favorable economic conditions,” the agency said.