Moody's Downgrades NJ Debt Outlook From Stable to Negative

Sluggish economic recovery trumps Chris Christie's efforts

Wall Street analysts at Moody's Investors Service today lowered their outlook on New Jersey's debt from stable to negative, saying the state remains hamstrung by rising costs and "a sluggish economic recovery" despite Gov. Chris Christie's efforts.

The analysis by Moody's warns that public workers' retirement benefits and other costs are climbing rapidly, and that revenue is not growing fast enough to bridge the gap.