New Jersey’s credit rating has taken a significant hit from a major Wall Street rating agency as the state is preparing to borrow more than $4 billion to sustain the budget during the coronavirus pandemic.
Assemblyman Declan O’Scanlon, the Republican Assembly Budget Officers responded to Democrats’ suggestion the New Jersey’s declining credit rating is solely the fault of the Christie Administration by suggesting Democratic leadership look in the mirror.
O’Scanlon cited downgrade reports from Moody’s and S&P:
New Jersey’s financial reputation took another hit yesterday, with S&P Global, one of the Big 3 Wall Street credit-rating agencies, announcing it has once again lowered the state’s debt grade by one step. The downgrade is another setback for Gov. Chris Christie, a Republican who has now suffered through more credit-rating reductions than any New Jersey… Read the rest of this entry »
TRENTON — Moody’s Investors Service has downgraded New Jersey’s debt rating, dealing the Garden State its record ninth ratings cut since Gov. Chris Christie took office. The ratings drop by one notch, from A1 to A2, on $32.2 billion worth of bonds underscores the state’s “weak financial position and large structural imbalance, primarily related to continued… Read the rest of this entry »
