Fitch cuts New Jersey to 'A+' on large, late revenue gap

Thu May 1, 2014 12:28pm EDT

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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)

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