According to nj.com:
Moody’s Investors Service has downgraded New Jersey’s debt rating, dealing the Garden State its record ninth ratings cut since Gov. Chris Christie took office.
The ratings drop by one notch, from A1 to A2, on $32.2 billion worth of bonds underscores the state’s “weak financial position and large structural imbalance, primarily related to continued pension contribution shortfalls,” Moody’s said in a statement Thursday.
The rating agency warned that future pension underfunding and ongoing structural deficits could drive further downgrades.
“We expect liquidity and structural balance to remain very weak through fiscal 2016,” the agency said.
Chris Christie is now on a ‘Tell It Like It Is’ tour trying to talk the country into adopting his policies to fix Social Security, Medicare, and Medicaid.
2/9/11 S&P Downgrade: AA- from AA
4/27/11 Moody’s Downgrade: AA3 from AA2
8/18/11 Fitch Downgrade: AA- from AA
4/9/14 S&P Downgrade: A+ from AA-
5/1/14 Fitch Downgrade: A+ from AA-
5/14/14 Moodys Downgrade: A1 from AA3
9/5/14 Fitch Downgrade: A from A+
9/10/14: S&P Downgrade: A+ to A
4/16/15: Moodys Downgrade: A2 from A1