Christie addressed the downgrade by Standards & Poor's today at a crowded town hall meeting in Union City Watch video
Governor Chris Christie speaks during a town hall meeting in Union City today.UNION CITY — The state's credit rating, which affects the state's ability to borrow money, was downgraded by Standard & Poor's this morning, the agency confirmed.
Gov. Chris Christie bemoaned the impact of that downgrade at a town hall meeting in Union City this morning. Christie said the downgrade came as a result of the state's unfunded pension obligations.
"The sky started to fall in today," Christie said of the change in the credit rating.
He pushed responsibility for the downgrade to inaction by the Legislature to act on his proposed reforms for the pension system.
"You've already seen this morning what the Legislature's inaction has cost the state of New Jersey," Christie said.
Assembly Majority Leader Joe Cryan responded to Christie's criticism in relation to the credit rating downgrade.
"The Assembly is not about to be lectured by a governor whose budget policies have led to massive property tax hikes and a ballooning pension deficit," Cryan said in a statement. "It's time for this governor to be held accountable for his actions and stop blaming everyone else."
The state's rating was downgraded from AA to AA-, according to S&P spokeswoman Ana Sandoval. The report detailing the downgrade will be made available later, Sandoval said.
Previous coverage:
• N.J. debt climbs another $1.4B in last fiscal year
• Moody's yields to N.J. and other states on indemnification requirement
• Moody's says proposed changes to Atlantic City's gaming industry won't help slump