New Jersey credit downgraded at Fitch


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.

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