State of New Jersey

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

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.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

S&P, Fitch and Moody's have all raised their ratings on the Garden State's general obligation bonds within the last week.

Fitch Ratings raised New Jersey's issuer and general obligation bond ratings just days after Moody's Investors Service upgraded its ratings on the Garden State ahead of next week's s $1.1 billion bond sale by the state Economic Development Authority.

Gov. Phil Murphy is behind the push for the Garden State to develop offshore wind power, ramping up from 3,500 megawatts by 2030 to 11,000 megawatts by 2040.

"I'm thrilled to have that opportunity to join the team," Patrick McCoy says. "It's a very important project with regional implications. To be part of that team is going to be very exciting."

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

Last year the university's investment portfolio grew by 47%, a factor contributing to the university's triple-A ratings.

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.

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