New Jersey

Most state departments and authorities would be required to offer a telework program of up to two days a week for one year starting July 1.

The upgrade to A-minus from BBB-plus "reflects what we view as material improvement in the state's structural deficit and near-term liquidity," S&P said.

The first tranche of federal dollars are seen as a down payment on what's billed as the most urgent infrastructure project in the U.S.

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.