Recognizing Adams Administration’s Continued Strong Fiscal Management, Leading Credit Rating Agencies Again Affirm New York City’s Strong Financial Standing and Stability

August 1, 2025

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 

17th Consecutive Time NYC GO Bonds Have Been Given AA Category Ratings Under Adams Administration 

NEW YORK – New York City Mayor Eric Adams today celebrated that four internationally-recognized, independent credit rating agencies — Moody's Ratings, S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency (KBRA) — have, once again, affirmed the city's strong bond ratings and stable outlook. Based on the strength of the city's fiscal management, resilient economy, strong post-pandemic recovery, record-high private employment, and more, all four agencies assigned double-A category ratings and stable outlooks to the city's upcoming sale of approximately $1.8 billion of General Obligation (GO) bonds. The city's strong GO bond ratings and outlooks have been repeatedly upgraded or affirmed by all four rating agencies over the course of the Adams administration. On each occasion, the four agencies cited the city's ongoing strong fiscal management in support of their decisions.

“It’s not a mystery that the four internationally-recognized, independent credit rating agencies have for the 17th time confirmed what we all know: that our administration has done an incredible job skillfully managing our city’s finances, which has allowed us to stabilize our city’s economy, grow jobs to record levels, and instill confidence in New York City,” said Mayor Adams. “I am proud of the tremendous work our team has consistently done to sustain this progress, and I thank the outside observers for recognizing our success.”

Maintaining a strong bond rating is an indication of the city's financial strength and encourages continued investment in the city's bonds, which help support funding to build and maintain schools, streets, parks, and other critical infrastructure that spans the five boroughs.

Moody’s Ratings affirmed the Adams administration’s measures to close budget gaps in the face of the unprecedented asylum seeker crisis, stating, “The Aa2 general obligation rating, the same as the city's Aa2 issuer rating, reflects New York City's post pandemic economic recovery, including record-high private employment, positive trends in assessed property values despite commercial real estate challenges, and steady tax revenue growth.”

Moody’s also noted that, “the expanding economy is driven by the city's competitive advantages: a young, highly skilled labor pool that over time has helped make New York City households wealthier; strong higher education and medical centers that also contribute higher paying jobs; and strong domestic and international transportation links that support New York City's position as a global economic, financial and cultural hub. Very strong institutional strength and financial governance have allowed successful implementation of budget control measures to close budget gaps primarily caused by now-waning asylum seeker costs.”

S&P Global Ratings affirmed the city's strong bond rating, noting, “our ‘AA’ long-term rating on New York City is anchored by its governance strengths, as well as the dynamism and resilience of its economy, which we believe support stable credit quality over the outlook horizon. At the onset of fiscal 2026, we believe that the city’s fiscal trajectory remains stable, and budgetary reserves — while not projected to increase from current levels over the near-term — provide the city with financial flexibility to navigate near-term risks.”

S&P continued, “the stable outlook is also predicated on the city's continuing ability to navigate potentially disruptive economic uncertainties and sustain financial stability in the near term, particularly amid a shifting federal and state funding landscape.”

KBRA lauded “the City's role as an international business and cultural center, and its position as the hub of the country's largest metropolitan economy highlight the diversity and resilience of the resource base supporting G.O. Bonds. Institutionalized, long-range financial management and capital planning practices support financial stability.”

Fitch’s Ratings praised “New York City's 'AA' Long-Term Issuer Default Rating and GO bond rating reflect the city's exceptionally strong budget monitoring and controls, supporting Fitch Ratings’ 'aa' financial resilience assessment…The city experienced record revenue performance and strong economic recovery following the pandemic, as well as improvement in reserve levels, which will help management navigate future economic downturns.”

The credit rating and stable outlook affirmations follow the passage of the city’s $115.9 billion Fiscal Year (FY) 2026 Adopted Budget, which builds on Mayor Adams’ FY 2026 Executive Budget — often called the “Best Budget Ever” — that prioritizes investments that will make New York City a safer, more affordable city that is the best place to raise a family. Additionally, this fiscal year, for the first-time ever, New York City personal income taxes for eligible low-income New Yorkers will be abolished. Thanks to ongoing careful fiscal management, including remaining focused on saving taxpayer dollars and strong revenue performance due to a robust New York City economy, the Adams administration overcame unprecedented challenges in this budget cycle to manage the budget responsibly, support essential services, and make upstream investments that will benefit New Yorkers for generations to come.

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