Senators Declan O’Scanlon and Michael Testa, both members of the Senate GOP Budget Committee, have criticized S & P Global Ratings for their recent decision to upgrade New Jersey’s credit rating. The senators argue that this move could mislead investors about the true state of the state’s finances.
In a letter addressed to S & P Global Ratings, O’Scanlon and Testa expressed concern over the timing of the rating increase. They pointed out that it came shortly after the adoption of a budget which they say leaves an incoming governor with a $4 billion structural imbalance.
“Increasing New Jersey’s rating shortly after the adoption of a budget that sticks the incoming governor (of whichever party) with a $4 billion structural imbalance is beyond a simple mistake. It is misleading to investors and will cause them to misread the poor trajectory of New Jersey finances,” the letter states.
The full letter can be accessed here.
