Moody’s Investors Service downgraded San Francisco’s credit rating, indicating the city’s sluggish recovery from the virus pandemic and the ongoing tech exodus, wreaking havoc on the commercial real estate market. Not mentioned in the report is the crime and chaos sparked by disastrous policies pushed forward by radical leftists in City Hall, which have only transformed some parts of the city into third-world conditions.
Bloomberg reports that Moody’s downgraded San Fran’s credit rating to Aa1 from Aaa. This might trigger an avalanche of other downgrades from credit rating agencies in the weeks and or months ahead. Both S&P Global Ratings and Fitch Ratings maintain AAA grades as of Wednseday.
Analysts at Moody’s explained their decision for the downgrade:
“The sea change in office employment to a hybrid work model and reduction in commuting to the city’s office core have led to reduced economic activity, very high vacancy rates, and depressed rents.”
The credit rating downgrade is just the latest challenge facing Mayor London Breed, who recently had to close a $789 million deficit in a new two-year budget cycle. This downgrade will only make it more expensive for the city, plagued with violent crime and chaos because of failed progressive policies, to borrow in the municipal bond market. […]
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