New Jersey’s Bond Rating Cut by Standard & Poor’s
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New Jersey’s bond rating was downgraded to AA-, the fourth-highest level, from AA by Standard & Poor’s, which cited the state’s growing pension and health-care obligations.
“The clock is ticking away on a pension and benefit bomb that can damage the health of the finances of our state,” Governor Chris Christie, a first-term Republican, said at a town-hall meeting in Union City today. “If we don’t show we’re going to reform this system, it will cost New Jersey.”