State of New Jersey

The borrower has missed the last five interest payments on the grant-backed bonds.

New Jersey is poised to sell up to $2.4 billion of bonds for its transportation infrastructure, according to a report from Fitch Ratings. 

Moody's sees strength in New Jersey's economy and governance. 

Peter Shapiro, founder of Swap Financial Group and a former New Jersey legislator and county executive, died at his home in East Orange on March 29 after a long illness. He was 71.

The legislation gives up to $8.84 billion in bonding authority to the New Jersey Transportation Trust Fund Authority over a five-year period beginning July 1, about $1.76 billion annually.

A new tax on corporations would create a dedicated revenue stream for commuter rail and bus operator NJ Transit under New Jersey Gov. Phil Murphy's budget plan.

The trend toward paying down debt, as opposed to tender offers or refundings, to save money cuts across Red state/Blue state lines. New Jersey retired $500 million of debt to produce $160 million of savings.

The White House is expected to announce major grants for non-Northeast corridor projects, including potentially high speed trains, before year's end.

Continued commitments to meeting long-term liabilities under Gov. Phil Murphy were cited as key in a slew of recent bond rating upgrades for the Garden State.

"The latest upgrade is further recognition of the work we have put into responsible budgeting," said Treasurer Elizabeth Maher Muoio.