Fitch downgrades state’s credit rating

New Jersey’s credit rating has taken another hit over concerns about optimistic revenue projections and the use of one-time budget fixes.

Fitch Ratings announced Thursday it lowered the Garden State’s rating a step down from AA- to A+. The downgrade comes a few days after the Gov. Chris Christie administration announced officials are projecting a $807 million budget shortfall and sometime after Standard & Poor issued a similar downgrade last month.

New Jersey was downgraded because “both the scale and belatedness of the recently announced, preliminary fiscal 2014 revenue shortfall and the state’s likely use of one-time measures to address the gap due to the maintenance of extremely narrow financial reserves,” according to the agency.