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N.J.’s $50.6B budget gets another stamp of approval from Wall Street

New Jersey’s $50.6 billion state budget spurred more good news from Wall Street after Fitch upgraded the state’s credit rating one notch from A- to A.

The Monday action is the state’s first upgrade from Fitch since it started rating New Jersey in 1992, and it is the latest in a string of rating and outlook upgrades since last summer, including two in just the past three weeks.

S&P Global in August upgraded New Jersey’s outlook from stable to positive, marking the first stamp of approval from Wall Street since Gov. Phil Murphy signed the state’s new budget on July 1. That announcement came less than six months after rating upgrades from S&P and Moody’s Investor Service.

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