Statement from NYC Comptroller Levine on Fitch Ratings and Kroll Bond Rating Agency Revising the City’s Outlook to...

Statement from NYC Comptroller Levine on Fitch Ratings and Kroll Bond Rating Agency Revising the City's Outlook to Negative

New York, NY - New York City Comptroller Mark Levine released the following statement in response to Fitch Ratings and Kroll Bond Rating Agency (KBRA)revising the City's outlook from stable to negative.

"A negative outlook from a credit rating agency is not a downgrade-but it is a warning. With today's revisions from Fitch and Kroll now 3 of our 4 ratings agencies are sending us a similar message: New York City needs to address the underlying structural imbalances in our budget.

"Thankfully, New York City's economy remains strong, tax revenues are solid, and our bonds continue to be safe, secure, and in demand.

"But the ratings agencies have made clear that we need to put forward a sustainable financial plan for the years ahead-one that addresses our structural imbalance, without relying on rainy-day reserves to close the budget gaps.

"As I've said before, we must build a budget grounded in realistic revenue projections, while identifying savings, ensuring spending growth is sustainable, securing fair funding from Albany, and strengthening our reserves in anticipation of potential economic risks ahead.

"Achieving those goals will not be easy, but I am confident our city is up to the task. Our economy gives us many strengths to build on. I look forward to working with Mayor Mamdani and partners across City and State government to deliver a strong, sustainable fiscal plan for the years ahead."

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