Standard & Poor's Ratings Services said it has lowered its rating on bonds secured by New Jersey's Qualified Bond Act program to A-minus from A and removed them from CreditWatch where they had been placed with negative implications on June 3.
The outlook on the program rating is stable and mirrors the outlook on the state rating.
The rating on the program moves in tandem with the general obligation rating on the state. The rating change follows the lowering of New Jersey's GO rating to A from A-plus and the removal of the ratings from CreditWatch on Sept. 10, 2014. The outlook on the state rating is stable.
S&P also lowered its rating on bonds secured by New Jersey's Fund for Support of Free Public Schools program to A from A-plus and removed it from CreditWatch, where it had been placed with negative implications on June 3.
