Wall Street Really Likes NJ’s Finances Now. Why?
Updated: Jun 20
April 12, 2023 | njspotlightnews.org
Photo Credit: Chenyu Guan (From Unsplash)
Major Wall Street rating firms are giving New Jersey a new round of positive reviews, recognizing the state for its flush reserves and ongoing commitment to pay off debt and fund pension obligations.
In recent days, two different rating firms, Fitch Ratings and Moody’s Investors Service, have each decided to move New Jersey’s credit rating up one notch, citing the state’s improved fiscal practices and diverse economic base among important factors.
NJ SEED: With an abundance of cash, the state has demonstrated good fiscal management by funding public pension plans and paying down debt. By doing so, NJ has made up lost ground with key rating firms.