AMPWP’s pre-election view is unchanged following Zohran Mamdani’s November 4th victory. Headline proposals captured attention, but wholesale policy shifts are unlikely without Albany’s support. On their own, these proposals do not imply a material risk of downgrade. Our base case assigns greater weight to federal–state–city dynamics. The most significant credit variable is the potential pressure on federal appropriations to New York City and related projects. That channel, rather than municipal policy alone, represents the more consequential risk factor to monitor into 2026, but tensions have cooled after Mamdani visited the White House.
