Gov. John Lynch on Friday let the state's budget become law without his signature. "This is not a budget I can endorse," Lynch, a Democrat, said two days after the Republican-controlled legislature approved the $10.2 billion, two-year spending plan.

The budget is 11% lower than what passed two years ago. Lynch had wanted a 5% reduction. It calls for a 10-cent-per-pack drop in the cigarette tax, and cuts state aid to universities by nearly half.

Moody's Investors Service rates New Hampshire Aa1. Standard & Poor's rates it AA. Fitch Ratings assigns a AA-plus.

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