Moody's raised the outlook to stable due to improvements in the city's overall financial position in light of nearly $15 billion in federal stimulus that will flow to the city, which they acknowledge provides flexibility and relief over the next several fiscal years, and that the risk of budget cuts from New York State is now eliminated. Moody's highlighted the role of City's vaccination program, stressed that high vaccination rates as compared with the US overall will drive confidence in the local economy, and noted the positive effect that the city's accelerating reopening will have on employment and tax revenues. The agency also affirmed that outyear budget gaps are manageable, though noted that City must continue to exercise caution. "New York City is creating a recovery for all of us, bolstered by our vaccination campaign and strategic investments in public health, our children's education, maintaining public safety, supporting small businesses and keeping streets clean.