the credit rating system doesn’t just have the power to ruin individuals’ lives — it can also impact how institutions and entire cities are run. This is where municipal debt comes in. Cities rely on municipal bonds — debt securities issued by public and private entities — to fund infrastructure and public services. Like individuals, they, too, are “rated” and penalized through credit rating systems that benefit investors over the working class. For example, credit rating agency Moody’s recently moved New York City’s outlook from stable to negative.