New York City, New York: Fitch New Issue Report

The upgrade of the city’s Issuer Default Rating (IDR) and GO bond rating to ‘AA’ reflects the improved financial foundation coming out of the pandemic, which places the city in a much stronger position to manage through future economic downturns, including near-term challenges due to an expected deceleration of revenue growth. The record revenue performance and strong recovery from the pandemic, as well as improvement in reserve levels following the removal of restrictions on such activity, will help management mitigate these pressures and other uncertainties associated with inflation and future labor costs. Collective bargaining agreements with the bulk of city employees are in negotiations and the potential impact to the budget remains to be seen.


Wed 22 Feb, 2023 – 1:10 PM ET

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