TRENTON – Senator Paul Sarlo, the Chairman of the Senate Budget and Appropriations Committee, issued the following statement in response to the upgrade of the state’s credit rating to “A” by Fitch Ratings, the third upgrade by a fiscal ratings firm:
“This ratings upgrade is the byproduct of the responsible, forward-looking budget we put in place in New Jersey. It’s an endorsement of the actions the Legislature and the Governor took to manage state finances during challenging economic conditions. The upgrade will ultimately result in saving taxpayers’ money.
“This is why we were so intent to provide the largest surplus in the state’s history, create a debt reduction plan, fully fund the pension system, make strategic infrastructure investments and avoid fiscal cliffs with unsustainable spending. We accomplished this at the same time we produced the largest tax relief program ever.
“We took a multi-year approach with the budget to protect against any downturns in the economy and maintain fiscally-responsible practices into the future.”