Fitch Downgrades New Jersey’s Credit Rating To AA-

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August 17, 2011 12:52 p.m.

On the same day a report suggested that New Jersey Gov. Chris Christie (R) is exploring a presidential bid, the ratings agency Fitch downgraded the state’s credit rating from AA to AA-.

As the Wall Street Journal reports, the state’s budget needs more funding to meet growing needs of pension and worker-benefit liabilities:

The ratings company said the pressure is exacerbated by New Jersey’s weak economic recovery, high debt burden, limited financial flexibility and persistent structural imbalance.

Fitch revised New Jersey’s outlook from negative to stable, after it had lowered its outlook in April, according to the Journal.

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