"KBRA became the third major credit rating agency in less than two weeks to revise New York City's financial outlook to negative, following Moody's and S&P's similar moves last week."
"The latest downgrade underscores the deepening concern surrounding Mayor Zohran Mamdani's preliminary budget and the effort to close a $7.3 billion budget gap."
"City Comptroller Mark Levine wrote on X that the move was not a downgrade but a warning, stating that NYC must address its structural imbalance."
"In its March 20 analysis of the city's finances, KBRA outlined a number of outcomes that could positively impact the city's AA+ bond rating."
KBRA downgraded New York City's financial outlook to negative, joining Moody's and S&P in expressing concerns over Mayor Zohran Mamdani's preliminary budget. The city faces a $7.3 billion budget gap, highlighting a structural imbalance in the FY 2027 budget. Although the long-term general obligation bond rating remains at AA+, the outlook change indicates reduced flexibility in budget management. City Comptroller Mark Levine emphasized the need for NYC to address its structural issues without relying on reserves, aiming for a sustainable fiscal path.
Read at www.amny.com
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