Posts Tagged ‘ratings’

Christie: Downgrades “a great referendum on my fiscal policies”

When Chris Christie came into office in 2010 New Jersey’s bond ratings were AA with Fitch, AA2 with Moody’s and AA with S&P (the third highest for all three agencies and, as best I can tell, the same ratings New Jersey long-term bonds had since the last round of McGreevey downgrades in 2002).

That same year of 2010 New Jersey municipalities led the nation in bond-rating downgrades and, according to one story, Christie could not have been more pleased:

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Another Downgrade

Another downgrade of New Jersey’s debt and Fitch blames pensions and OPEBs that the state is incapable of fixing, freezing, or funding.

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New Jersey Localities Falling Through the GAAP

One major difference between Harrisburg, Pa and Union County, NJ is that Harrisburg and the Authority running their incinerator follow Generally Accepted Accounting Principles.  Union County, and most other New Jersey local governing bodies, do not as I learned from Richard Raphael, Executive Managing Director, Fitch Ratings Agency at the Hall Institute’s Forum on the Public Pension Crisis.
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This would have been the guy who gave Union County an AAA bond rating admitting that the finances he was studying were ‘very non-transparent’*.  I asked about that.

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