Fitch Ratings last week revised its outlook on Jersey City to stable from positive due to high fixed costs, reductions in state aid, and a new 2% property levy cap that the city will have to adhere to.

Jersey City has $755 million of outstanding debt. It is gearing up to sell $89 million of Series 2010A, B, and C qualified general improvement bonds. Fitch rates the bonds AA-minus, as they are part of the state’s municipal qualified bond program, which allows the state treasurer to direct aid towards a local governments debt service costs, if need be.

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