With Zohran Mamdani set to begin his term as mayor of New York City on 1 January 2026, concerns have been raised that his socialist agenda may come at a cost to the city's economy (Yahoo [Reuters], GW&K Investment Management, Empire Center, Yahoo [Bloomberg]). Fitch, Moody's, and S&P are the "Big Three" global credit rating agencies, which assign ratings on a borrower's likelihood of repaying its debts (Investopedia - Credit Rating). A downgrade to the outlook or a negative watch will count (Investopedia - Negative Watch). As of 20 November 2025, the general obligation bond credit ratings for New York City were "AA" from Fitch, "Aa2" from Moody's, and "AA" from S&P, with all outlooks stable (NYC Comptroller - Ratings Reports, Fidelity - Bond Ratings).

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