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Article: Moody's Downgrades New Jersey: Agency Dropes Gos To Aa2 From Aa1.
- Article from:
- The Bond Buyer
- Article date:
- March 5, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The grim fiscal fortune told by Gov. James E. McGreevey was affirmed yesterday, as Moody's Investors Service downgraded New Jersey's general obligation credit rating to Aa2 from Aa1, affecting $3.5 billion in outstanding state debt.
In addition, Moody's also downgraded approximately $7.2 billion of state lease- and appropriation-backed debt to Aa3 from Aa2 and approximately $4.1 billion of lease- and appropriation-backed debt to A1 from Aa3 -- notably, the state's controversial $2.8 billion of pension bonds, issued in 1998 -- and all debt issued by the New Jersey Sports & Exposition Authority.
State revenues battered by the Wall Street downturn, combined ...