New Jersey’s Bond Rating Lowered by S&P

TRENTON, N.J.

A bond rating agency on Wednesday lowered New Jersey’s bond rating to A-plus from AA-minus, meaning it could cost the state more to borrow money, The Associated Press reported. Standard & Poor’s said the state still has a structural deficit even as the economy is improving, with high debt and pension obligations, and a budget that relies on one-time measures.

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