New Jersey received an upgrade on its credit outlook from Kroll Bond Rating Agency (KBRA).

KBRA previously upgraded New Jersey’s credit rating from A to A+ in 2023. On Oct. 6, it affirmed that long-term rating of A+ for New Jersey’s General Obligation Bonds – while upgrading its outlook from Stable to Positive for the General Obligation Bonds and related State Appropriation Bonds.

“The Outlook revision to Positive reflects the state’s progress in reducing long-term pension liabilities and its continued adherence to conservative budgeting practices that have supported the orderly use of reserves accumulated during the COVID-19 pandemic,” said KBRA in a press release about the revision.

The announcement comes on the heels of recent credit rating upgrades from Moody’s Ratings and S&P Global Ratings — with the state receiving nine rating upgrades under the Murphy administration.

In a press release, Gov. Phil Murphy said this latest from KBRA is another indicator that his administration is setting New Jersey up from long-term financial success.

“This vote of confidence, in addition to the nine credit rating upgrades we have received in just over three years, signals that our efforts to build a strong, reliable surplus and fulfill our pension obligations are paying off,” said Murphy.

NEW: @krollbondrating just revised its credit outlook for @NJGov from stable to positive.

This vote of confidence proves that our fiscally conservative approach to budgeting, full pension payments, and strong surplus are setting the state up for long-term financial success.…

— Governor Phil Murphy (@GovMurphy) October 8, 2025