Mercer Times

Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio have expressed their approval following Moody's Investors Service decision to upgrade New Jersey's credit outlook from stable to positive. This change reflects a solid economic and revenue performance, which is expected to support the state's ability to maintain strong fund balances while continuing full actuarial pension contributions.

Moody's highlighted New Jersey's larger-than-usual budget surplus as a key factor in its revised outlook. Governor Murphy remarked, "This latest Moody’s outlook revision from stable to positive is evidence that our formula to strengthen New Jersey’s economic trajectory is working." He pointed out several factors contributing to this progress, including an economy outperforming its mid-Atlantic counterparts, consistent pension payments, and the full funding grant agreement for the Hudson River Tunnel Project.

Treasurer Muoio noted the significance of this upgrade coming just a year after every major credit rating agency boosted the state's rating. She stated, "That signals to us that the fiscal decisions we have made – namely to maintain a healthy budget surplus and continue to meet our pension obligations – are the right ones."