Garden State sees billions in extra cash; massive debt April 13, 2021
2:34 pm
New Jersey is buoyed by billions of dollars in extra cash and defying expectations of an economic meltdown from the pandemic. But with a monumentally larger credit card bill, massive pension liability and unfunded expenses on the horizon, the state is showing signs of dire financial straits in the near future.
Citing that, Wall Street rating agency Fitch Ratings said it would not change New Jersey’s credit rating from A-, nor would it be changing the outlook from negative.
“The weaker position is the legacy of decades of structural budget mismatches and escalating liabilities that had only partly been addressed by the time the coronavirus pandemic unfolded with the state as an initial epicenter,” Fitch analysts said on April 13. “Better-than-expected revenue performance has offset some of Fitch’s initial credit concerns, but risks remain, even with significant one-time federal aid coming
With billions in extra cash, Moody s upgrades NJ outlook
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Extra billions in tax revenue prompts Wall Street to give N.J. brighter credit outlook
Updated 7:34 AM;
New Jersey’s tax revenues are on track to outperform expectations this year by more than $3 billion, prompting a Wall Street rating agency Friday to raise the state’s credit outlook to “stable.”
The move by Moody’s Investors Services comes almost exactly one year after the firm lowered New Jersey’s outlook to negative amid the first wave of the coronavirus pandemic and fears of economic collapse.
Moody’s said at the time the negative outlook reflected its expectation that with low reserves and big structural deficits the state would struggle to make ends meet during the health and economic crises. Just a week later, New Jersey was hit with a downgrade to “A-” by Fitch Ratings the state’s first downgrade since 2017.
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