...November 5, 2025 This report does not constitute a rating action. Zohran Mamdani was elected New York City's mayor on Nov. 4, 2025, and will take office on Jan. 1, 2026. Following an election at any level of government, S&P Global Ratings often receives questions about how political transitions might translate into actual policy changes, and the potential effect on the government's financial health and underlying credit quality. We believe the evolution of the city-state governance relationship and budget development process that will take shape over the next several months will reveal more about how campaign proposals could translate into governing priorities and budgetary realities. In addition, New York State's relationship with the city includes constitutional and statutory structures, fiscal interdependencies, policy linkages, and oversight requirements that we believe influence the city's operations and financial position. Our base case reflects modest changes in New York City's day-to-day...
