Moody’s Investors Service changed New Jersey’s outlook to negative from stable, citing a structural deficit, the end of federal stimulus funds, and the state’s unfunded retirement costs.

Moody’s rates New Jersey’s $31.6 billion of outstanding general obligation and appropriation debt Aa2. The rating agency earlier this year recalibrated the state’s credit rating to Aa2 with a stable outlook from Aa3 with a negative outlook.

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