[Opinionated Blowhard]

So why did Fitch do it?

The downgrade of the state’s GO rating to ‘AA-’ from ‘AA’ reflects the mounting budgetary pressure presented by significant and growing funding needs for the state’s unfunded pension and employee benefit liabilities, particularly in the context of a weak economic recovery, a high debt burden, limited financial flexibility, and persistent structural imbalance.

This is the problem with these agencies. All of these issues were present when Corzine was governor. Why didn't Fitch downgrade then? Now that Christie is governor and trying to do something, all the sudden Fitch sees the issues. If anything, New Jersey is in better shape now with Christie's reforms than it was when Corzine was opening up the spending spigot full blast and expanding government worker benes. These ratings agencies really are useless and in some cases hinder productive action.

[GonzoGOP]

This is the problem with these agencies. All of these issues were present when Corzine was governor. Why didn't Fitch downgrade then?

Because there was the general belief that Obama and Pelosi would use the federal government to bail out the big blue states. Now that Obama is neutered, the fed can no longer borrow at will and the GOP controls the house there is no chance of a Federal bailout of the states. Watch for Illinois, California and a couple more of the big blue blunders to join the downgrade ranks. Oh did you notice that Wisconsin got its AAA rating back?

[Presbyterian Reporter]

‘’This is the problem with these agencies. All of these issues were present when Corzine was governor. Why didn’t Fitch downgrade then? ‘’’

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The municipal bond insurance companies were a bit stronger when Corzine was governor. An AA- is still a very strong rating.

I want to see how they rate California or Illinois.