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Major cities around the world have suffered high rates of coronavirus infections and deaths since the onset of the crisis, due largely to their dense populations. As the largest metropolis in the U.S., New York City’s challenges may be far from over.
New York City existed as the epicenter of the first wave of the country’s outbreak. Since March, it has reported more than 360,000 COVID-19 cases. Now, New York City’s new infections, deaths, and hospitalizations due to the virus are currently surging into a second wave. Thousands of small businesses have shuttered. Economic output has stalled. S&P Global Ratings revised the outlook on New York City’s credit rating to negative from stable as of Dec. 11, citing budgetary inflexibility and a high level of debt and liabilities for its decision.