ALBANY — A major credit rating agency has downgraded Albany’s creditworthiness and assigned the city a negative outlook, citing the fiscal crisis that has gripped City Hall for much of the year.
In a report issued Wednesday, S&P Global Ratings lowered its long-term rating for Albany’s municipal bonds from A+ to A. The agency said the downgrade was based largely on revenue drawdowns in 2025 and this year, and a weakened general fund balance that has reduced the city’s financial flexibility.
The report acknowledged the significant state aid Albany was allocated in this year’s state budget and cost-cutting measures that Mayor Dorcey Applyrs has implemented, but said the city remains limited in “its ability to respond to current and future operating pressures.”…