Christie sets a record for credit rating downgrades

Rss@dailykos.com (laura Clawson)
Friday, September 12, 2014, 9:04 pm
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Part of New Jersey Gov. Chris Christie's appeal to Republican presidential primary voters was supposed to be that he was the guy who inflicted pain on workers to bring his state's budget under control. Now, he's the guy who inflicted pain on workers, broke his own promises, and broke the record for the most credit rating downgrades under a single New Jersey governor:
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The reduction to A, the sixth-highest level, with a stable outlook follows a Sept. 5 downgrade by Fitch Ratings. It gives New Jersey the same general-obligation grade as California, which is on track for an upgrade as revenue exceeds Democratic Governor Jerry Brown's estimates. Only Illinois has lower ratings than New Jersey among U.S. states.

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"New Jersey continues to struggle with structural imbalance," S&P analyst John Sugden in New York said in a statement today. "The governor's decision to delay pension funding, while providing the necessary tools for cash management and budget control, has significant negative implications for the state's liability profile."

And it's not even a year into his second term!
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