Fitch Cuts New York City's Outlook to Negative From Stable, Warns of Out-Year Budget Gaps

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Fitch Cuts New York City's Outlook to Negative From Stable, Warns of Out-Year Budget Gaps

Dow Jones06:31

By Kelly Cloonan

Fitch Ratings cut New York City's outlook, citing concerns the city's finances could weaken.

The credit ratings agency on Friday lowered to negative from stable its outlook on both the city's issuer default rating and its general obligation bonds. It assigned a AA rating to several of the city's fiscal 2026 bonds.

The revisions reflect the potential for the city's financial resilience to weaken, and its out-year budget gaps to widen, Fitch said. It warned that solutions to close those budget gaps are uncertain, and may require city or state approvals.

Fitch said several factors could lead to a downgrade including failure to implement recurring policy measures to address budget gaps, and the regularly leveraging the property tax levy to close to maximum permitted levels.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 20, 2026 18:31 ET (22:31 GMT)

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