New Jersey credit downgraded at Fitch

|By:, SA News Editor

Noting the scale and belatedness of the preliminary fiscal 2014 revenue shortfall and the state's likely use of one-time fixes to paper it over, Fitch downgrades New Jersey's $2.4B in outstanding GO debt to A+ from AA-. The rating also affects about $32B in municipal debt linked to the state's outstanding GO debt.

The ratings outlook remains negative.

ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, SHM, BABZ, BABS, XMPT, PRB, SUB, SHYD, SMB, SMMU, PVI, MUAF, VRD, MUAD, MUAE, MUAG, MUAC, GMMB, RVNU, MUAH