Wall Street says NJ is in better fiscal shape, giving Murphy something to brag about
“I think the long-term concern is New Jersey managing its long-term liabilities,” Lisa Washburn, a former managing director at Moody’s Investors Service who now works for the independent research firm Municipal Market Analytics, said in an interview with NJ Spotlight News.
Its bond rating can be a key factor in determining how cheap and easy it is for a state to borrow money to fund long-term investments in schools and in infrastructure like roads and bridges that cannot be paid for in a single budget.
A strong bond rating can also lead to lower borrowing costs that ultimately get funded out of the state budget — good news for taxpayers. New Jersey’s current budget totals $46.4 billion after lawmakers approved a major spending hike in late June.