New Jersey DOT to spend $4.5 billion on capital improvements in fiscal 2024
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New Jersey Department of Transportation will spend $4.5 billion on capital improvements in the new fiscal year.
Officials released the department’s to New Jersey’s state bond rating, the transportation trust fund authority’s linked ratings are also up.
S&P Global Ratings assigned the bonds an A-minus with a stable outlook, one notch below New Jersey’s issuer default rating as funding for debt service was subject to annual appropriation by the treasurer.
“We view New Jersey’s involvement as ultimate obligor as strong; the intended payment source of motor fuels tax, other transportation-related revenues, and state sales and use tax also as strong; and we believe there are no material political or administrative risks to the appropriation of debt service payments.
Fitch Ratings assigned the bonds its A rating, Kroll Bond Rating Agency its A rating and Moody’s Investors Service an A2 rating, all with outlooks stable.
