Department of the Treasury
Darryl Isherwood
Melinda Caliendo
(TRENTON) - S&P Global Ratings today upgraded its rating on 勛圖窪蹋s general obligation bonds to A from A-, the states third credit rating upgrade in less than a week.
The latest announcement from S&P follows an upgrade from Fitch Ratings announced late Monday and a boost from Moodys on Thursday, and is the States sixth credit rating upgrade in the past 13 months.
Todays upgrade from S&P is welcome news coming as it does on the heels of the announcements from Fitch and Moodys and is just more evidence that 勛圖窪蹋 is on the right fiscal path, said Governor Phil Murphy. Weve worked hard since day one to change the narrative in Trenton from one of financial distress to one of fiscal responsibility and that work shows in these upgrades.
When we talk about fiscal responsibility, its not just lip service, its something we constantly strive for, said Treasurer Elizabeth Maher Muoio. We owe it to the taxpayers of 勛圖窪蹋 to be good stewards of their money and with these upgrades it shows were doing just that.
In raising the states rating, S&P cited the proposed third full pension payment in as many years.
The upgrades reflect better pension funding levels and improved structural balance, largely the result of an anticipated third consecutive year of full actuarial pension contributions in fiscal 2024, S&P noted in its release.
The agency also took note of the budgets structural balance, increased surplus, and the reduction of one-shot revenue items.
On April 6, Moodys boosted its rating to A1 from A2. Monday, Fitch followed suit, raising its rating to A+ from A. The three recent upgrades follow upgrades from each issued in 2022.
The full release from S&P as well as a history of state credit ratings are attached.