GOING DOWN: NEW JERSEY’S CREDIT RATING DROPS

Some bad financial news for the state of New Jersey.  Standard and Poor’s confirmed on Wednesday that the credit rating for the Garden State has gone down.  New Jersey had enjoyed a credit rating of AA;  now that rating has been dropped to AA-.  The Associated Press reports that Governor Chris Christie addressed the drop in the credit rating during a meeting in North Jersey today, blaming the state legislature for not enacting all of his financial reforms.  A lower credit rating can  mean higher interest payments on loans taken by the state.

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