Gov. Murphy’s Leadership Continues to Bring Strong Economic Results As NJ Gets Second Credit Rating Upgrade in a Month
Less than a month after getting its first credit upgrade in 45 years from Moody’s, New Jersey is getting another credit rating upgrade, the first from S&P Global in 17 years, thanks to Gov. Phil Murphy’s strong leadership.
S&P raised its rating on the state’s general obligation bonds from “BBB+” to “A-,” citing “material improvement in the state’s structural deficit and near term liquidity, with recent surplus revenues being used to promote what we view as longer-term financial stability…” as reasons for the upgrade.
Since taking office, Gov. Murphy has chartered a path to improve New Jersey’s credit, after years of fiscal mismanagement under Republican governor Chris Christie. Gov. Murphy made the first full pension payment in 25 years, increased the state’s rainy day fund, and paid down debt.
Now, New Jersey is seeing the results of the governor’s actions — with credit upgrades from two major agencies, as well as outlook upgrades from all four rating agencies after Gov. Murphy signed the state budget last June.
“Gov. Murphy’s actions have made New Jersey’s economy stronger than ever,” said DGA Senior Communications Advisor Christina Amestoy. “After years of economic failures by a Republican governor, Gov. Murphy is investing in New Jersey and making good on his promise to transform the state’s fiscal management.”