New Jersey S&P rating downgraded
Garden State Credit Rating drops
Zero Hedge reported today that Standard & Poor’s downgraded New Jersey’s credit rating across the board:
“The lower rating reflects our concern regarding the stresses from the state’s poorly funded pension system, substantial postemployment benefit obligations, and above-average debt levels,” said Standard & Poor’s credit analyst Jeffrey Panger. The downgrade also reflects the application of Standard & Poor’s newly adopted criteria on U.S. states, which more transparently incorporates debt, pension, and other postemployment liabilities, along with other rating factors.”
One commenter on the site had a not-so-nice comment about NJ in general:
“My property taxes just went up 50%. I hate this state. Get me the f_ck out of here.
- Communist gun laws
- Highest property taxes in the country and still going up dramatically
- Communist unions who have a stranglehold on the state legislature
- Most business unfriendly state in the country
- Post looting by CFR globalist and Goldman Sachs scumbag John Corzine who in his infinite wisdom invested the state pension funds in the market at peak and sold at bottom in 3/09.
What’s the next bit of bad news for us?