New Jersey Cut by Moody’s as Christie Gets Ninth Debt Downgrade
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New Jersey had its credit rating cut one level by Moody’s Investors Service, giving Governor Chris Christie the ninth downgrade of his tenure as he considers a 2016 presidential run.
The reduction to A2, the sixth-highest rank, brings the Moody’s mark in line with those of Standard & Poor’s and Fitch Ratings. The move covers a combined $32.2 billion of debt, New York-based Moody’s said in a statement late Thursday. The company put a negative outlook on the state, meaning more rating reductions may be ahead.