N.J. Rating Cut by S&P as Christie Gets Record Downgrade
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New Jersey had its credit rating cut one step by Standard & Poor’s, handing Chris Christie his eighth downgrade, the most ever for a Garden State governor.
The reduction to A, the sixth-highest level, with a stable outlook follows a Sept. 5 downgrade by Fitch Ratings. It gives New Jersey the same general-obligation grade as California, which is on track for an upgrade as revenue exceeds Democratic Governor Jerry Brown’s estimates. Only Illinois has lower ratings than New Jersey among U.S. states.