In a major relief for New York City's financial markets, Fitch and Moody's, two of the world's leading credit rating agencies, have decided against downgrading the city's credit rating - at least for now. The decision comes as a welcome respite for Mayor Eric Adams and his administration, which had been bracing for the possibility of a downgrade due to mounting concerns over the city's fiscal health. Despite the city's ongoing struggles with budget deficits and rising pension costs, Fitch and Moody's have chosen to maintain the city's current credit ratings, citing its strong economy and diverse revenue streams. However, the reprieve is likely temporary, and the city will need to continue addressing its fiscal challenges to avoid a downgrade in the future.
City is spared downgrade by Fitch and Moody’s, for now Crain's New York Business
