Financial damage from the COVID-19 pandemic forced New Jersey Gov. Phil Murphy to retreat from plans to build up the state’s reserves.
S&P Global Ratings follows Moody's Investors Service in revising state’s credit outlook downward on revenue losses from COVID-19 pandemic.
The state's tough budget position was underscored by an agreement with noteholders to extend a $750 million maturity while paying them higher interest.
Phil Murphy is developing an emergency borrowing plan to combat revenue loss amid the coronavirus pandemic.
Gov. Phil Murphy’s administration places nearly $1 billion of discretionary spending in reserve through the 2021 fiscal year amid economic struggles from virus.