Fitch Ratings downgraded New Jersey's general obligation rating to A from A-plus because of its use of one-time measures to balance budgets, its extremely narrow financial reserves, and its continued below average economic growth.
It assigned an A-minus rating to the New Jersey Educational Facilities Authority higher education facilities trust fund bonds, series 2014.
The ratings outlook remains negative.
New Jersey is rated A-plus by Standard & Poor's and A1 by Moody's Investors Service.