...March 9, 2026 This report does not constitute a rating action. S&P Global Ratings believes that, although composed in accordance with the city's balanced- budget requirements, the New York City mayor's preliminary budget and five-year financial plan for fiscal years 2026-2030 introduce a combination of structural, one-time, and temporary solutions that could make it difficult to sustain budgetary balance beyond fiscal years 2026 and 2027. We believe the city has previously demonstrated resilience to weather fiscal challenges without deterioration of its credit quality. Furthermore, despite potential macroeconomic and policy uncertainties, New York City's dynamic and diverse economic base remains supportive of the 2026-2030 financial plan's revenue growth expectations, and it has a well embedded governance framework and structural protections. These include robust policies; multiyear financial planning; and local, state, and independent fiscal oversight. That said, downside risk to our rating...
