A second credit rating agency, S&P Global Rating, has expressed serious concerns over New York City's budget plan under Mayor Zohran Mamdani, which involves draining the city's savings accounts. S&M may downgrade the city’s financial health if Maddani uses these funds to balance his $127 billion proposed budget by pulling from the reserves. The agency also warned that it may not be smart for the city to rely on Albany for a bailout. This comes after another agency, Moody's, warned of potential downgrades to the state's credit rating.