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Tags: new jersey | S&P | christie | credit rating downgrade

S&P Cuts NJ Credit Rating as Christie Gets Record Eighth Downgrade

Wednesday, 10 September 2014 12:42 PM

New Jersey had its credit rating cut one step by Standard & Poor’s, giving Chris Christie his eighth downgrade, the most ever for a Garden State governor.

The ranking was dropped to A, the sixth-highest level, with a stable outlook, according to Alex Ortolani, a spokesman for S&P. Fitch Ratings on Sept. 5 cut the state by one level to A, with a negative outlook, citing a lack of progress in fixing budget deficits.

“New Jersey will face increased long-term pressures in managing its long-term liabilities and that the revenue and expenditure misalignment will grow based on reduced funding of the state’s unfunded actuarial accrued liability,” said S&P credit analyst John Sugden in New York.

Christie has reduced required pension payments to help balance budgets after revenue collections missed his forecasts. S&P’s cut is the eighth since the Republican took office in January 2010. Former Democratic Governor James McGreevey had six downgrades when he served as the state’s chief executive officer from January 2002 through November 2004.

Christie’s spokesmen, Michael Drewniak and Kevin Roberts, didn’t immediately respond to an e-mail for comment on the downgrade. Joseph Perone and Christopher Santarelli, spokesmen for the state treasury, also didn’t immediately reply to an e- mailed request for comment.

© Copyright 2021 Bloomberg News. All rights reserved.


Finance
New Jersey had its credit rating cut one step by Standard & Poor’s, giving Chris Christie his eighth downgrade, the most ever for a Garden State governor.
new jersey, S&P, christie, credit rating downgrade
206
2014-42-10
Wednesday, 10 September 2014 12:42 PM
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