JPMorgan Sees Higher NYC Downgrade Risk Amid Tax Pushback
One57, from left, Steinway Tower, Metropolitan Tower, Carnegie Hall Tower, and City Spire Condominium along Billionaire's Row in New York.
Photographer: Michael Nagle/BloombergNew York City’s risk of seeing a credit-rating downgrade has increased, according to JPMorgan Chase & Co. strategists.
As New York State looks less likely to approve major personal and corporate tax hikes that would help the city overcome its expected budget gaps, the analysts say that revenue options look limited.