Fitch Downgrades New Jersey's GOs to 'AA-'; Outlook Revised to Stable

-Fitch Ratings downgrades the State of New Jersey's outstanding general obligation bonds to 'AA-' from 'AA'.

Fitch also downgrades to 'AA-' from 'AA' the rating on the Garden State Preservation Trust's open space revenue bonds.

Additionally, Fitch downgrades to 'A+' from 'AA-' the ratings on the state's appropriation-backed debt and other related debt, which is detailed at the end of this release.

The Rating Outlook for all affected bonds is revised to Stable from Negative.