S&P lowers outlook on NJ bonds to negative

(AP) - The Standard & Poor's financial ratings agency has lowered its outlook on New Jersey bonds to negative.The agency made the change Tuesday based

TRENTON - (AP) - The Standard & Poor's financial ratings agency has lowered its outlook on New Jersey bonds to negative.

The agency made the change Tuesday based on what it called the state's continuing structural budget imbalance and optimistic revenue projections for the fiscal year that began July 1.

The state's outlook had been stable.

S&P affirmed its ratings on New Jersey's general obligation bonds and other debt, but warned that a future ratings downgrade is possible.

The agency also assigned a negative outlook to nearly $400 million in outstanding school facilities construction bonds and notes but assigned the debt an 'A+' rating.

Democrats in the Assembly are hoping to get a clearer picture of the state's fiscal year-end fiscal balances from the Christie administration at a hearing on Wednesday.

advertisement | advertise on News 12

Trending Video

Crews battled a large fire at the Marcal 1 Crews battle fire at Marcal Paper building in Elmwood Park
A 36-year-old woman was beaten and raped in 2 Woman beaten, raped at gunpoint in Highland Park
Two Ridgewood firefighters were hurt battling house fire 3 2 firefighters hurt battling house fire in Glen Rock
Choices and Chances: NJ’s Heroin Epidemic 4 Choices and Chances: NJ's Heroin Epidemic
Two Ridgewood firefighters were hurt battling house fire 5 2 firefighters hurt battling house fire in Glen Rock

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE