California and Illinois should be downgraded next.
New Jersey has had a bloated bureaucracy for decades mostly under Democrat or RINO leadership. Christie is a breath of fresh air, but the big guy is not big enough to clean the stench from the NJ government house.
Far gone are the days of AAA in the Golden State (1986). CA’s worst S&P rating has been BBB, when Arnold won the recall. He got it up to A+ in his first term but it’s been headed back down since.