Office of the State Treasurer

NEWS RELEASE

FOR IMMEDIATE RELEASE	CONTACT: Tom Vincz
March 3, 2004	(609) 633-6565

Treasurer Statement on S & P’s Decision to Affirm New Jersey’s Credit Rating

TRENTON – State Treasurer John E. McCormac issued the following statement after Standard and Poor’s rating agency today maintained New Jersey’s AA bond rating and stable outlook: “We are pleased that Standard and Poor’s has affirmed New Jersey’s favorable credit rating of AA and maintained our outlook as stable following its review of the FY 2005 budget. “The Governor’s new budget is built on several sound fiscal fundamentals, including less reliance on non-recurring revenues, steady progress toward structural balance, strong income growth from a rebounding economy and a $400 million surplus. “While we still await reviews from two other Wall Street rating agencies, we are encouraged by S and P’s vote of confidence.”