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12.03.26 - 03:21
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Moody′s Cuts New York City′s Rating Outlook Despite Mamdani Protests (ZeroHedge)
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Moody's Cuts New York City's Rating Outlook Despite Mamdani Protests
The only surprise is that the move came so late.
With New York City facing a historic fiscal crisis courtesy of its new mayor, late on Wednesday Moody's lowered its outlook on New York City to negative, citing the “sizable and persistent” budget shortfalls it's facing.
The move, which usually precedes a ratings cut in the subsequent several months, came as the ratings company also affirmed its Aa2 rating on the city's debt, the third-highest level of investment-grade.
Moody's said the change came after the city's spending projections showed larger budget shortfalls than previously forecast.
“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,” Moody's analysts said in a statement Wednesday, perhaps confused how to rate the former ...
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