- 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."
- ETFs: MUB, PZA, MUNI, TFI, ITM, MLN, SHM, XMPT, PRB, SUB, SMB, PVI, SMMU, MUAF, VRD, MUAD, MUAE, MUAG, MUAC, MUAH, RVNU, GMMB
at CNBC.com (Jul 25, 2014)