Fitch cuts New Jersey to 'A+' on large, late revenue gap
May 1 (Reuters) - Fitch Ratings downgraded New Jersey's general obligation debt to 'A+' from 'AA-' on Thursday, citing the projected $807 million revenue shortfall that state officials announced this week with only two months left in fiscal 2014.
The rating outlook is still negative. The action affects about $2.4 billion of GO bonds and about $32 billion of other outstanding securities linked to the state's rating. (Reporting by Hilary Russ; Editing by Chizu Nomiyama)