...November 3, 2021 NEW YORK (S&P Global Ratings) Nov. 3, 2021--As predicted by opinion polls, Eric Adams was elected New York City's mayor and will take office on Jan. 1, 2022. S&P Global Ratings' base case expects only modest changes in the city's day-to-day operations under his leadership, resulting in no near-term impact to the general obligation rating (##/Stable). However, we have previously commented on political discord between the governor and mayor, as well as with labor groups, that led to difficulties in prioritizing service demands and expenditures. As a result, we view the change as potentially providing a clean slate relative to aspects of the city's governance under our environmental, social, and governance (ESG) factors. While the city's credit profile already benefits from risk management and oversight provisions under the Financial Emergency Act like a balanced budget requirement, we have viewed other aspects of its governance as mixed, similar to those of large peers. We...
