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SpanishS&P Global upgrades New Jersey’s credit rating to A+
Staff, BINJE | August 12, 2025
New Jersey’s creditworthiness received another boost today as S&P Global Ratings upgraded the state’s general obligation bonds to A+ from A. This marks the eighth credit rating upgrade for the state since Gov. Phil Murphy took office, a testament to the administration’s sustained efforts to improve fiscal health.
S&P Global Ratings cited the Murphy administration’s success in increasing its surplus and diligently addressing long-term liabilities, including making five consecutive full pension payments. The agency’s analysis noted that the state’s work in “rebuilding and preserving… a stronger level of reserves” and addressing “legacy liability challenges” would help “blunt budgetary pressure.”
Murphy highlighted the administration’s commitment to fiscal responsibility.
“We have made enormous strides to turn New Jersey’s fiscal ship around after decades of mismanagement from both sides of the aisle,” he said. He pointed to the state’s efforts to narrow its structural deficit and build a reliable surplus as key achievements.
State Treasurer Elizabeth Maher Muoio echoed the sentiment.
“This eighth upgrade in just over three years is further independent confirmation that our continued efforts to strengthen New Jersey’s financial health have been a success.” She said and she emphasized that the state’s budgets have focused on reducing reliance on bonded debt and better preparing for fiscal challenges.
This latest upgrade follows a series of positive actions from major rating agencies. S&P previously raised New Jersey’s rating in March 2022 and April 2023. In the past year, Moody’s, Fitch, and KBRA have also issued upgrades, recognizing the state’s improved financial standing. S&P lauded the administration’s long-term commitment to fiscal responsibility, noting the “meaningful improvement” in the state’s balance sheet.