New Jersey's Credit Rating Lowered 10th Time Under Christie

TRENTON, N.J. (AP) — A top credit agency has downgraded New Jersey's rating.

It's the 10th time a credit score has been lowered under Republican. Gov. Chris Christie.

S&P on Monday lowered the state's rating from "A'' to "A-." It's the latest downgrade after the country's top three ratings agencies each lowered the state's level by three steps over the governor's two terms.

S&P analyst David Hitchcock says the downgrade was based on the expectation that pressure on the state budget will intensify in future years.

The lowered rating comes after Christie enacted a gas tax hike of 23 cents, which boosts state revenues. But the legislation also cut the state's estate and sales taxes, depleting funds over the next eight years.

A message left with Christie's office was not immediately returned.

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