Another rating company issues negative financial outlook as City Hall grapples with big deficit

Warning lights over the perilous NYC budget blinked a little harder on the City Hall dashboard Friday. 

KBRA became the third major credit rating agency in less than two weeks to revise New York City’s financial outlook to negative, following Moody’s and S&P’s similar moves last week. The latest downgrade underscores the deepening concern surrounding Mayor Zohran Mamdani’s preliminary budget and the effort to close a $7.3 billion budget gap.