New Jersey

The Investment Company Institute reported $5.128 billion of outflows for the week ending Oct. 5 after $5.374 billion of outflows the previous week.

Local leaders have met with New Jersey Department of Environmental Protection officials twice over the last two months over concerns about operations of Trenton Water Works, the local utility provider.

Friday's action brings the state's outlook to positive with all four major credit rating agencies.

The mall operator want a downward reassessment of the property's estimated value, a move that could reduce quarterly PILOT payments that back tax-exempt bonds.

Improved commitments to pension funding, coupled with other changes to the two states' retirement systems, have yielded bond rating upgrades for both.

The rating agency cited progress on long-term fiscal stability and budgeting in its decision.

The decision follows months of turmoil that left the city without an approved budget well into the new fiscal year, said Moody's analyst Douglas Goldmacher.

Surging state revenues eased the burden of managing fixed costs, Moody's says in an examination of state liabilities based on fiscal 2021 financial reports.

The rating agency highlighted the state government's recent payments to its underfunded state pension system.

Gorab, president and managing director of New Jersey's Wilentz, Goldman and Spitzer, died in June at age 61.