Fitch Delivers New Jersey’s Third Major Credit Rating Upgrade this Year
September 12, 2022 | state.nj.us
Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio praised today’s (9/12/22) decision by Fitch Ratings to upgrade New Jersey’s credit rating on general obligation bonds to “A” from “A-” while also maintaining the state’s outlook at positive. Since the enactment of the FY2022 State budget last year, New Jersey has received three credit rating upgrades and is currently on positive outlook with S&P, Fitch, and KBRA.
In making their decision today, Fitch noted that, “...the strong fiscal momentum of recent years and consistent policy actions to confront (New Jersey’s) long-term fiscal and liability challenges reflect a notable improvement in budget management.” The agency cited the State’s efforts to prioritize building a sizable fiscal cushion amid robust revenue collections in recent years, while simultaneously addressing debt and pension liabilities.
This is the first time Fitch has upgraded New Jersey since it started rating the State in 1992.