ICYMI: Gov. Murphy’s Actions to Boost New Jersey’s Finances Secure Credit Rating Upgrade For the First Time in Nearly 20 Years
Gov. Murphy’s leadership is continuing to drive economic success in New Jersey. For the first time since 2005, New Jersey has received an upgrade to its credit rating from a major credit rating agency. Moody’s Investor Services announced it’s upgrading New Jersey’s credit rating with a “stable” outlook, citing the steps Gov. Murphy’s administration has taken to “aggressively” address the state’s liability burdens.
The credit rating upgrade isn’t the first indicator of positive economic success and good fiscal management under Gov. Murphy. All four major rating agencies upgraded New Jersey’s credit outlook from “negative” to “positive” after Gov. Murphy signed the state budget last June
Compared to former Republican Gov. Chris Christie, who refused to make critical and necessary investments in the state and fueled the debt crisis, Gov. Murphy swiftly implemented strong economic policies that put the state on the path to economic success. Gov. Murphy boosted the public pension payment by 44%, marking the first time in a quarter-century New Jersey has made the full pension contribution.
“After poor decisionmaking by a Republican governor led to 11 credit downgrades for the state, Gov. Murphy took office and chartered a path to turn New Jersey’s finances around,” said DGA Senior Communications Advisor Christina Amestoy. “Even with major hurdles along the way, Gov. Murphy kept his promises to transform New Jersey’s fiscal management. Now, New Jersey’s economic outlook is stronger than ever thanks to Gov. Murphy’s leadership.