Standard & Poors lowered its debt rating on New Jersey government obligation to A from A-plus, saying the state will face increased pressures in managing long-term liabilities. The revenue and expenditure misalignment will grow based on reduced funding of the states unfunded actuarial accrued liability, credit analyst John Sugden said on Wednesday. The move came after Fitch cut its credit rating on NJ one notch to A last Friday because of the states budget gaps and a broken promise to make a full contribution into its public pension system.
Posted on: Wed, 10 Sep 2014 16:43:47 +0000
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