The agency said it raised the ratings because of "the underlying strength of the state's economy, highlighted by a strong and diverse economic base and high wealth levels that, in the past, had been the basis for a higher rating." S&P also said the new, $27.9 billion budget "makes significant strides toward structural balance" and "is a positive and necessary step for the state in turning around its weak, but improving, fiscal posture." After last year's budget was enacted, S&P and other major rating agencies lowered New Jersey's ratings one notch, citing nearly $2 billion that was borrowed to balance the $28 billion plan for the fiscal year that ended in June.
Nice little pat on the back for Acting Gov. Codey.