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NORTH AMERICAN Newsline OCTOBER 04, 2024 | The Indian Eye 28

Leading Credit Rating Agencies affirm New York

City’s Strong Financial Standing and Stability

Four Internationally-Recognized, Independent Credit Rating Agencies — Moody’s, S&P, Fitch,

and Kroll — Indicate Strong Confidence in City’s Stability, Resilience, and Fiscal Outlook

OUR BUREAU
NEW YORK, NY
ew York City Mayor Eric Ad-
ams has highlighted recent
Naffirmations of the city’s bond
ratings based upon strong fiscal man-
agement by four internationally-rec-
ognized, independent credit rating
agencies — Moody’s Ratings, S&P
Global Ratings, Fitch Ratings, and
Kroll Bond Rating Agency (KBRA).
All four rating agencies assigned
strong ratings in the double-A cate-
gory and stable outlooks to the City
of New York’s upcoming sale of $1.5
billion of General Obligation Bonds,
which includes the city’s third issuance
of Social Bonds reflecting New York
City’s strong post-pandemic econom-
ic recovery, including record-high
employment, steady tax revenue
growth, and a rebound in tourism.
Through disciplined and strong
fiscal management, the Adams on New York City.” In its ratings report, S&P Glob- assignment and affirmation recog-
administration has consistently Maintaining a strong bond rat- al Ratings wrote “…we believe the nize the City of New York’s preem-
achieved high bond ratings that have ing is an indication of the city’s fi- city’s strong governance framework inent role as a domestic and inter-
been either upgraded or maintained. nancial strength and encourages can help ensure ongoing operational national center of business, culture
These affirmations are the ninth con- continued investment in the city’s stability. New York City’s credit pro- and tourism, the historic resiliency
secutive time that the city’s General bonds, which help support funding to file is underpinned by its substantial of its broad and diverse economic
Obligation bond ratings have been build and maintain schools, streets, and diverse economic base, with a base, its elevated, yet manageable
affirmed by all four agencies at cur- parks, and other critical infrastruc- population of 8.3 million…and its debt profile, management’s track re-
rent levels. Further, Fitch Ratings ture that spans the five boroughs. status as a globally recognized em- cord of fiscal discipline, and the ef-
revised the city’s outlook from stable Proceeds from the sale of the city’s ployment, financial, and tourism hub ficacy of institutionalized procedures
to positive in May 2022 and upgrad- social bonds will support the con- for the broader New York City met- in confronting near-term financial
ed the city’s credit rating from AA- to struction and development of over ropolitan statistical area.” The report challenges…KBRA acknowledges
AA in February 2023. 4,300 more affordable housing units adds that, despite significant chal- that city operations should contin-
“Our administration has done a in New York City and continue to lenges, “…we believe the strength ue unabated and further notes the
remarkable job to stabilize our city’s build on the administration’s efforts and resiliency of its economic and considerable experience and stability
finances and put us on a strong fis- to build more homes across the five taxing base, and robust financial of OMB and Comptroller’s Office
cal path,” said Mayor Adams. “Once boroughs, through efforts such as, oversight and expenditure controls professional staff responsible for the
again, the four internationally-rec- the “City of Yes for Housing Oppor- will continue to support balanced op- administration of city finances, debt
ognized credit rating agencies are tunity” proposal. erating results and overall stability of management and budgeting.”
recognizing the prudent fiscal man- Moody’s Ratings highlights that its financial reserves, which helps po- The credit ratings follow the July
agement we have implemented and the city has strong fiscal manage- sition it to weather a shallower, but 2024 release of an on-time, balanced,
how our administration has made ment, and, “[T]he Aa2 issuer rating potentially more protracted, national and fiscally-responsible $112.4 bil-
the hard but smart decisions that reflects New York City’s post-pan- economic slowdown.” lion Adopted Budget for Fiscal Year
will protect New Yorkers for years demic economic recovery, including Fitch Ratings announced, “New 2025 that invests in the future of New
to come. Because of our leadership, record-high private employment, York City’s ‘AA’ Long-Term IDR and York City and addresses the three
we have record-high employment, positive trends in assessed property GO bond ratings reflect New York things that cost New Yorkers the
a rebound of tourism, and a decline values despite commercial real es- City’s exceptionally strong budget most: housing, child care, and health
in crime. New Yorkers are better off tate challenges, steady tax revenue monitoring and controls…[and] finan- care — and invests billions of dollars
today than they were when we took growth, and strong tourism metrics… cial resilience assessment…Fitch ex- of city resources in critical areas, in-
office two years ago, and as the credit Management of the city’s operations pects the city to maintain its strong bud- cluding early childhood education,
agencies point out, there is tremen- remains robust by its professional get and fiscal management practices...” cultural organizations, parks, public
dous reason to continue to be bullish agency staffs.” KBRA identifies, “[T]he rating safety, transit, and more.

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