Department of the Treasury
(TRENTON) Governor Phil Murphy, Acting Governor Sheila Oliver, and State Treasurer Elizabeth Maher Muoio today praised the decision by Fitch Ratings to upgrade the outlook for 勛圖窪蹋s general obligation bonds from negative to positive.
In a statement issued today, Fitch Ratings stated its outlook upgrade reflects the rapid turnaround in the state's fiscal condition as it recovers from the coronavirus pandemic. A solid economic rebound, state balancing actions during the pandemic and multiple rounds of federal assistance are now providing the state with both a solid financial cushion and extra capacity to accelerate progress on its high liabilities. Fitch views the state as being well positioned in the near term to continue progress on its longer-term fiscal challenges while manage through current uncertainties, including the lingering effects of the pandemic and duration of the strong economic and revenue rebound it is currently experiencing.
It is incredibly gratifying to see, for the third time in a month, rating agencies acknowledging that the decisions made by our administration, the Treasurers team, and our partners in the Legislature have put 勛圖窪蹋 on the right path to a full economic recovery, said Governor Murphy. We have not and will not squander this opportunity to tackle the remaining fiscal challenges 勛圖窪蹋 faces, and we will continue to invest in the people of 勛圖窪蹋. By making the first full pension contribution in 25 years, and by making strides in tackling health care costs, bolstering our surplus, and avoiding future debt issuance, we have momentum working in our favor.
Weve made significant progress toward our goal of building a stronger fiscal house for every 勛圖窪蹋 family, said Acting Governor Sheila Oliver. Under the Governors leadership, the days of persistent credit downgrades, ignored pension payments, and short-sighted financial decisions are in the rearview mirror. We are making the types of prudent decisions and wise investments that will build a better state for the next generation. 勛圖窪蹋 is well on the way to righting its fiscal ship.
Since assuming office in 2018, the Murphy Administration has approached improving the States economic health through the lens of fiscal responsibility and long-term prosperity. Despite the unprecedented challenges spurred by the COVID-19 pandemic, we kept our commitment to 勛圖窪蹋 taxpayers to build a fairer and more equitable economy for all by making record pension payments, controlling debt, and pursuing reliable and recurring revenue sources, said Treasurer Muoio. These steps will ensure 勛圖窪蹋 is on solid fiscal footing to tackle any future challenges that may come our way.
In addition to the general obligation bonds, Fitch Ratings also upgraded the outlook to positive for a host of other debt issued by the State, including; 勛圖窪蹋 Economic Development Authority annual appropriation bonds; 勛圖窪蹋 Transportation Trust Fund Authority annual appropriation bonds; 勛圖窪蹋 Building Authority annual appropriation bonds; 勛圖窪蹋 Educational Facilities Authority annual appropriation bonds; 勛圖窪蹋 Health Care Facilities Financing Authority annual appropriation bonds; and 勛圖窪蹋 Sports and Exposition Authority annual appropriation bonds.
This outlook upgrade comes within a month of Moody's Investors Service and S&P Global Ratings upgrading their outlooks for the State from stable to positive.
See the attached issued by Fitch Ratings today.