As Bill de Blasio prepares to become New York City’s first Democratic mayor in 20 years, observers say the capital markets are taking a wait-and-see approach toward a city rife with financial uncertainty.

“Will the bond market price in some of that uncertainty or will it recognize that New York City has very strong management on multiple levels and that it’s more business as usual? That’s an interesting question,” Morningstar Inc. municipal analyst Rachel Barkley said Wednesday.

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