Monday, March 27, 2017

NJ's Credit Rating Downgraded Again

New Jersey’s credit has been downgraded for the 11th time under Gov. Chris Christie.
Moody’s Investors Service dropped the state’s credit rating one notch to A3 from A2 on Monday, citing an underfunded pension system and other budget issues.
“The downgrade to A3 reflects the continued negative impact of significant pension underfunding, including growth in the state's large long-term liabilities, a persistent structural imbalance, and weak fund balances,” Moody’s said.
The state’s significant increases in pension contributions since 2012 are still below recommended payments and unfunded pension debt continues to grow, Moody’s said.

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