New Jersey

Atlantic City, N.J. is moving closer to default and a possible bankruptcy after New Jersey Gov. Chris Christie’s veto of a financial rescue package, according to Moody’s Investors Service.

Atlantic City’s already junk-level general obligation debt rating was slashed four notches to CCC-minus from B by Standard & Poor’s, citing a “near-term liquidity crisis.”

The New Jersey Turnpike Authority is in the home stretch of a $7 billion, 10-year capital improvement program.

Atlantic City officials will discuss the possibility of filing for bankruptcy protection at an emergency city council meeting.

Pending pension litigation will play a key role in determining whether New Jersey’s low credit rating improves or worsens in 2016, according Moody’s Investors Service.

Atlantic City Mayor Donald Guardian is eyeing bankruptcy after Gov. Chris Christie rejected a financial rescue package.

New Jersey Gov. Chris Christie allowed legislation to create an Atlantic City financial rescue package to lapse, leaving the struggling gambling hub at risk of running out of cash by April.

Atlantic City Emergency Manager Kevin Lavin stopped short of recommending bankruptcy in his second report on the financially strapped Jersey Shore gambling hub.

New Jersey tax collections are up 3.9% at the halfway point of the 2016 fiscal year, according to the State Department of Treasury.

Atlantic City’s casino operators lost 6.5% in revenue last year compared to 2014, according to figures New Jersey’s Division of Gaming Enforcement released on Jan. 13.