State of New Jersey

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.

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