N.J. gets "negative" credit outlook

August 4, 2009 11:12:46 AM PDT
A bond rating service says the credit outlook for New Jersey's state government has gone from "stable" to "negative."

Moody's Investors Service said Monday that it was lowering the outlook for the government but is not changing the credit rating, which remains at Aa3, or high quality.

Moody's says the lower outlook reflects budget problems "exacerbated by nonrecurring and temporary" solutions.

Republican gubernatorial candidate Chris Christie says the change in outlook indicates Democratic incumbent Jon Corzine's budget approach is failing.

Officials in Corzine's administration say the fact that the bond rating itself has not been downgraded shows Corzine has been handling the recession well. Ratings have been lowered for several states.

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