Drop in N.J. bond rating could add to state's borrowing costs, financial problems

The Star-Ledger reports:

New Jersey’s bond rating was downgraded Wednesday by Standard & Poor’s, a move that could add significantly to the state’s borrowing costs and focuses even more attention on public-employee pension and health care payments.

The agency dropped New Jersey to a rating that is among the lowest in the country. According to S&P, the only states with worse credit ratings are California and Illinois, widely considered to be in the steepest financial trouble.

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