“This ratings upgrade is the byproduct of the responsible budget and fiscal practices we have employed in recent years. It’s an endorsement of the actions the Legislature and the Governor have taken over multiple budget cycles to effectively manage state finances, often in the face of challenging economic conditions.

“The upgrade will result in saving taxpayers’ money.

“This is why we were so intent on maintaining a strong surplus, fully funding the pension system, reducing state debt, keeping the structural deficit under control and making strategic infrastructure investments. This was accomplished at the same time we provided record levels of property tax relief, fully funded the school aid formula and provided support for programs and services that address the needs of the people of New Jersey.”