New Jersey Rating Cut by Moody’s as Christie Pledges Fix
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New Jersey’s credit rating was lowered one step to A1 by Moody’s Investors Service because of revenue shortfalls as Governor Chris Christie said he would release a plan to address the issue next week.
The downgrade to the fifth-highest level applies to $2.4 billion of general-obligation debt and $29.8 billion of appropriations-backed and general obligation-related debt, Moody’s said yesterday in a statement. The action matched downgrades by Standard & Poor’s and Fitch Ratings.