New Jersey’s Rating Lowered to A+ by S&P Amid Budget Imbalances
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New Jersey’s credit rating was cut one step to A+ by Standard & Poor’s, which cited one-time measures to plug budget deficits that will add to fiscal pressure.
The downgrade puts the state’s credit four levels below the top, and leaves it with California and Illinois in the single-A category, lower than 47 other states. The New York-based company gave New Jersey a stable outlook.