For Immediate Release: 9/14/22
Contact: Phil Swibinski, (201) 978-8651
New Jersey Receives Third Credit Rating Upgrade In A Year
NJDSC Chairman Jones praises Gov. Murphy and NJ Dems for fiscal responsibility
TRENTON, NJ – For the third time in the last year, New Jersey has received an upgrade from a major credit rating agency thanks to the strong financial leadership of Governor Phil Murphy and legislative Democrats. The decision by Fitch Ratings to upgrade New Jersey’s credit rating on general obligation bonds from “A-” to “A”, as well as to maintain the state’s credit rating outlook as positive, marks the first time Fitch has upgraded New Jersey since it started rating the State in 1992.
Fitch noted that “the strong fiscal momentum of recent years and consistent policy actions [in New Jersey] to confront its long-term fiscal and liability challenges reflect a notable improvement in budget management.” The ratings agency also projected that steps taken by New Jersey are “likely to yield further gains going forward” — a testament to the leadership of Governor Murphy and Democrats in the state legislature who have fought for long-term financially prudent decision making.
“This dramatic improvement in New Jersey’s financial health is happening because Governor Murphy and our Democratic legislators have committed themselves to responsible budgeting and to making our state more affordable, equitable and prosperous for everyone,” said NJDSC Chairman LeRoy J. Jones, Jr. “In stark contrast to the Christie administration when our state suffered through 11 credit rating downgrades, Democrats have proven their commitment to fiscal responsibility by making full pension payments two years in a row, while still investing in essential services like education and public safety, as well as delivering property tax relief to nearly two million residents thanks to the new ANCHOR program. This is all happening amid an economic recovery from COVID-19 and global economic issues that affect us all. This credit rating upgrade proves that New Jersey is headed in the right direction. Democrats will continue to stay focused on growing our economy, creating good-paying jobs, and making sure there are more opportunities for everyone, not just the wealthy and well-connected.”
The entirety of the Fitch report can be found here.