Statement from Comptroller Levine on Moody’s Ratings Revising New York City’s Outlook to “Negative”

Statement from Comptroller Levine on Moody's Ratings Revising New York City's Outlook to "Negative"

New York, NY - New York City Comptroller Mark Levine released the following statement in response to Moody's Ratings revising the City's outlook from "stable" to "negative."

"Moody's decision to revise New York City's outlook to negative is a sobering wake-up call about the fiscal challenges ahead for us. It is the first negative outlook the City has received since the COVID crisis. The fact that this is happening at a time of relative health in our local economy is all the more remarkable. The underlying challenge is clear: New York City is currently spending more than it is bringing in. The fact that the preliminary budget achieves balance only by drawing down reserves underscores the need for a more sustainable fiscal plan.

I am relieved to see that the City's credit rating remains strong, and I have every confidence that our bonds remain safe and secure. With an economy-and tax revenues-that continue to grow, the City's present financial position is still solid.

Moody's negative outlook should sharpen our focus on the task ahead: building a budget based on realistic revenue projections, ensuring that spending growth remains sustainable, securing fair funding from Albany, and strengthening City reserves ahead of potential economic risks next year. I will be pushing hard between now and the June budget deadline to help put the City on a stronger fiscal path.

New York City is no stranger to challenges, and I am confident that our dynamic and diverse economy is well-positioned to meet this moment. I look forward to working alongside Mayor Mamdani and all City and State leaders to ensure we get to a strong, sustainable fiscal plan for the uncertain years ahead."

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