Treasury spokesman Andy Pratt this afternoon responded to the downgrading of New Jersey’s credit outlook by ratings agency Standard and Poor’s.
Choosing to focus on the AA- rating assigned to the state’s general obligation bonds – affirmed by S&P – Pratt lauded the three main debt rating agencies for agreeing on the state’s credit worthiness.
“It is gratifying that all three agencies have now affirmed the ratings on New Jersey’s debt,” Pratt said in a statement. “We believe investors will find S&P’s arguments to be out of step and its basis for revising New Jersey’s outlook unconvincing, particularly in the face of the continued growth in New Jersey’s economy and state revenues.”
Monday Moody’s Investor Services affirmed its rating while leaving the outlook at stable, however that agency also cast doubts in a statement over the optimistic revenue projections. Last week, Fitch Ratings, the third largest rating agency, affirmed its rating and declared the outlook stable.