The credit rating agency Moody’s on Friday in a report found the decision by Amazon to drop its bid for Queens was a credit negative for New York City and an example of how politics can surpass competitive advantages for the city.

The Amazon plan for Queens highlighted the city’s strengths, such as a skilled and young workforce as well as the record-low crime and mass transit.

“However, political opposition to corporate tax incentives grew and well-organized labor unions protested Amazon’s non-unionized workplace,” Moody’s wrote in its report. “And while the deal only required unanimous agreement by a three-member state panel, one of the panel’s members vocally opposed Amazon’s plan, which ultimately caused Amazon’s withdrawal.”

Amazon walked away from the deal on Thursday, which would have created 25,000 to 40,000 jobs, tied to about $3 billion in tax incentives.

“The announcement is credit negative for New York City and highlights how politics and anti-business sentiment can combine to derail economic development despite competitive strengths,” Moody’s found.

But it’s not gloom and doom for New York City. After all, major tech companies have added jobs to the city without the size of the tax breaks Amazon had sought.

“Companies such as Google and Facebook have expanded significantly in New York City without direct state or city support because they want access to its creative workforce,” the report found.