New Jersey

Two courts affirmed the federal government's obligation to fund the Gateway project. 

The New Jersey Turnpike Authority will build a bridge half the size it once planned, providing budgetary savings of $4 billion. 

Some Northeast issuers are searching for new borrowing strategies to cope with added costs and federal funding cuts. 

The price drops follow a lawsuit filed Friday by bondholders alleging the mall's owners colluded with the city of East Rutherford to lower the property assessment.

The lawsuits argue that the owner of American Dream and East Rutherford, New Jersey, which sets tax assessments for the mall, colluded to depress its valuation.

The rail tunnel connecting New York and New Jersey is well underway, but the project can't continue without federal funds the adminstration has choked off.

New Jersey says the Lakewood Township School District failed to deliver an adequate education. The district says it is shortchanged by state funding formulas.

New Jersey Transit CEO Kris Kolluri will keep his role under Gov.-elect Mikie Sherrill, and add a second position overseeing the state's two major toll roads. 

Gov.-elect Mickie Sherrill said she will nominate Aaron Binder, the state's deputy treasurer, to head the New Jersey Department of the Treasury.

"The upgrade to Baa3 recognizes the city's fiscal stability under the current casino taxation format," as well as rapid debt defeasance, the rating agency said.

States and cities in the Northeast will have to balance economic challenges and federal cuts driven by the Trump administration and congressional GOP.

"The steps that would be necessary to restore a sound fiscal profile are becoming increasingly drastic," the rating agency said in downgrading Jersey City.

Toms River's reluctance to pass a budget could further damage the school's rating, S&P said.

S&P Global Ratings cut the Toms River Regional School District to A-minus from A, ending a negative CreditWatch but assigning a negative outlook.

The rating agency cited New Jersey's "robust budgetary surplus" while continuing to make actuarially based pension contributions.

The mega-mall's investors will receive their second payment since the reserve fund ran dry in 2022.

Citing a "meaningful improvement in the state's balance sheet," S&P Global Ratings Monday upgraded New Jersey to A-plus from A.

Six years after opening, the mall has higher sales, more attractions, and a lower property value assessment.

New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.

A New Jersey school district will likely avoid filing for bankruptcy after the state passed a budget that raised property taxes.