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.
http://www.pressofatlanticcity.com/business/moody-s-downgrades-new-jersey-credit-rating/article_1fe953c7-5c19-5eb9-93b8-7b0a3c11b4e4.html
http://www.pressofatlanticcity.com/business/moody-s-downgrades-new-jersey-credit-rating/article_1fe953c7-5c19-5eb9-93b8-7b0a3c11b4e4.html
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