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NJ credit rating cut by S&P

  • Citing a "sizable structural imbalance" within the budget, S&P cuts the rating on New Jersey's general obligation debt to A+ from AA-. Acknowledging an improving economy in the state, S&P says it won't be enough to offset potential unfunded liabilities.
  • "By using bullish assumptions about revenue growth and one-time measures to close budget gaps, the state defers making long-term structural changes to better align revenues and expenditures, defers budgetary pressures to future years' budgets and increases its exposure to an eventual economic downturn."
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Comments (5)
  • rambler1
    , contributor
    Comments (609) | Send Message
     
    S & P is behind the 8 ball on this one big time. Between the exorbitant property taxes, high government spending and the unfunded pension liabilities NJ rates no better than a "C".
    9 Apr 2014, 04:40 PM Reply Like
  • Mattster
    , contributor
    Comments (164) | Send Message
     
    Another great achievement for the Republican party. They should be embarrassed.
    9 Apr 2014, 05:53 PM Reply Like
  • chopchop0
    , contributor
    Comments (3860) | Send Message
     
    lol the irony. NJ is a democrat mess. Chris Christie obviously couldn't fix that in a few years.

     

    You want to know which state has a worse rating and really could use some conservative guidance? Obama's own Illinois (worst rating and pension debt liability in the country).
    9 Apr 2014, 09:04 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (9573) | Send Message
     
    Yep...when you think of "GOP" it is hard not to think of New Jersey.

     

    </srcsm>
    9 Apr 2014, 09:31 PM Reply Like
  • The_Hammer
    , contributor
    Comments (4265) | Send Message
     
    great example of special interests voting in their stooges every election to get all the goodies. The party is coming to an end when dollar confidence takes a nosedive.
    10 Apr 2014, 09:24 AM Reply Like
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