New Jersey

Gov. Phil Murphy proposes to make an additional $1.3 billion deposit into the state’s Debt Defeasance and Prevention Fund.

Moody's said the upgrade reflects continuing strong revenue and liquidity trends, completion of a debt-reduction program and increased pension contributions.

Credit strengths include strong market position and service area economic fundamentals and an expected continued strong finance performance.

Bonds defeased include state GOs and securities from the New Jersey Building Authority and the Economic Development Authority.

Moody’s also assigned an A1 to the authority's $950 million of forward delivery refunding bonds.

The agency cited “the appropriation of the full actuarial pension contribution in fiscal 2022 for the first time in 26 years" coupled with improved reserves.

The window of opportunity is open thanks to new projects, new state and city leadership, emerging projects and better systems to benefit travelers.

The agreement will move along the Penn Station Access commuter rail undertaking and East River tunnel fix-ups.

The port's operating revenue will continue to recover, enabling it to return to a total net revenue debt service coverage ratio of 1.75 times by 2023, the rating agency said.

Gov. Phil Murphy’s narrow re-election win and Senate President Steve Sweeney’s stunning loss to an unknown resonate well beyond the Garden State.