Standard & Poors downgrades N.J. financial outlook to ‘negative’
September 18, 2012
Standard & Poors has changed its outlook for New Jersey from stable to negative, the latest in a series of bad financial news for the Christie administration.
The negative action by Standard & Poors, confirmed by spokesman for the firm, follows two critical reports by two other Wall Street ratings firms who said the state’s economic recovery will continue to lag the nation’s.
Christie’s proclamation of a “Jersey Comeback” in January served as an overarching theme for the administration for much of the year and helped him justify has ambitious revenue projections and a proposed tax cut. But economists and Wall Street ratings agencies were skeptical, arguing that the state’s economic recovery was not as robust as Christie portrayed.
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