New Jersey City University has received its third upgrade in over two years from a Wall Street credit ratings agency, Moody's, as it prepares to merge with Kean University. The institution's bond ratings have been raised to Baa3, up from Ba2, and the agency has placed them under review for a further upgrade. Moody's cited the institution's progress towards merging with Keen University and ongoing financial rightsizing, including a $35 million reduction in debt in a 12-month period. The merger, expected to be finalised on July 1, will result in layoffs at New Jersey City and Kean.