Moody's downgrades New Jersey's credit rating one step to Aa3

04/28/2011 | Star-Ledger (Newark, N.J.), The

The ratings firm Moody's lowered the rating on the government debt issued by the state of New Jersey one step from Aa2 to Aa3, leaving it one of the lowest ratings among state governments in the U.S. Only the debt of California and Illinois have lower credit ratings. Moody's said it took the action in response to the state's growing retiree pension costs and the slow recovery of its economy.

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Star-Ledger (Newark, N.J.), The

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