A second credit rating agency has raised serious concerns over the Big Apple’s massive budget plan under Mayor Zohran Mamdani that calls for draining the city’s savings accounts.
S&P Global Rating — one of the “Big Three” firms in the credit rating sector — warned Monday that it may downgrade the city’s financial health if Mamdani balances his $127 billion proposed budget by pulling from the city’s reserves meant for dire circumstances.
“We believe the city has previously demonstrated resilience to weather fiscal challenges without deterioration of its credit quality,” the agency wrote in its report, first reported by Politico on Friday…