New York, NY – For the first time since 2010, Moody’s Investors Service has upgraded New York City’s General Obligation Bond credit rating.
Moody’s increased the City’s rating due to its increased economic diversity and decreased reliance on revenue from Wall Street. The rating was upgraded from Aa2 to Aa1, their second highest rating and equivalent to New York State’s Aa1 rating. The Aa1 rating is the highest Moody’s credit rating the City has ever received. The City expects the upgraded rating to lower debt service costs, enabling it to more efficiently borrow and finance its capital projects.
“For the last five years, we’ve used the City’s budget to improve the lives of New Yorkers,” said Mayor Bill de Blasio. “Moody’s credit rating is validation of what we’ve always known: that you can be both a progressive and a strong fiscal manager.”
Additionally, Moody’s upgraded the City’s outstanding appropriation-backed debt, including debt issued by the Hudson Yards Infrastructure Corporation, the New York City Health and Hospitals Corporation, the New York City Educational Construction Fund, and the New York City Industrial Development Agency.