Massive Illegal Immigrant Expenses May Affect Credit Ratings of NYC, Chicago, Denver: S&P Report

The spiraling cost of caring for the surging influx of illegal immigrants and asylum seekers could affect the credit ratings of three large American cities, S&P Global Ratings said in a new report. “State and local governments are shouldering the rapidly growing costs of assisting migrants and asylum seekers as their numbers increase in the U.S.,” the business intelligence company said in its report released on Tuesday. “If this issue remains significant enough for long enough, the increase in costs and social service requirements could affect states’ and local governments’ credit quality.” The S&P report concerns three cities: New York City, Chicago, and Denver. Since 2022, the three self-proclaimed “sanctuary” cities have received more than 200,000 unvetted immigrants—many entering illegally outside a Port of Entry—from the southern border, including a combined 83,600 that arrived on buses chartered by Texas Gov. Greg Abbott as part of his initiative to give the big cities a taste of what border communities are going through....