BUSINESS & ECONOMY

N.J. credit rating downgraded again by Moody’s

Moody's move marks the ninth time New Jersey's credit has been downgraded under Gov. Chris Christie. - (OFFICE OF THE GOVERNOR/TIM LARSEN)

Moody’s move marks the ninth time New Jersey’s credit has been downgraded under Gov. Chris Christie. – (OFFICE OF THE GOVERNOR/TIM LARSEN)

By Andrew George for NJBIZ

Driven by what Moody’s Investors Service calls a “lack of improvement in the state’s weak financial position and large structural imbalance,” the Wall Street credit rating agency issued a downgrade Thursday of New Jersey’s general obligation bonds, from A1 to A2.

The downgrade, according to Moody’s, is “primarily related to continued pension contribution shortfalls” and the agency predicts liquidity to remain “very weak” through the 2016 fiscal year.

Moody’s maintains a negative outlook on the state’s fiscal condition, noting the long road ahead to achieving further pension reform, if successful at all.

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