New Jersey Credit Outlook Cut on Christie Revenue Targets

New Jersey had its credit outlook revised to negative from stable by Standard & Poor’s, which said revenue assumptions in Governor Chris Christie’s economic comeback plan are optimistic.

S&P said in a statement today that it may lower the rating “should state revenue projections turn out to be optimistic, resulting in additional short-term budgetary maneuvering to close the gap, which would indicate continued fiscal pressures on the state,” The company affirmed the state’s general-obligation bond rating of AA-, the fourth-highest level.