New Jersey Revenue Miss ‘Credit Negative,’ Moody’s Says
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New Jersey missing its revenue target in April is a “credit negative” and may force the state to dip into its reserves or use one-time fixes to bridge the gap, Moody’s Investors Service said.
The second-wealthiest U.S. state’s economic recovery will lag behind the nation, and its unemployment rate will exceed the country’s through 2014, Moody’s said in a report today. The company rates New Jersey’s debt Aa3, its fourth-highest grade.