What the Warnings About NYC’s Bond Rating Do and Don’t Mean

What the Warnings About NYC’s Bond Rating Do and Don’t Mean

The big four rating agencies aren’t happy with Mayor Zohran Mamdani.  Moody’s, Standard & Poor’s, Fitch and Kroll, which each assign a letter grade to the bonds New York City sells to finance its debt, have warned they may reduce their rating because Mamdani intends to dip into the city’s reserves at a time when revenue is growing. The rating agencies are not outliers. The mayor’s plan has been panned by both the state and city comptrollers, fis…