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TRENTON-The effect of Fitch Ratings’ downgrade of the State of New Jersey’s outstanding general obligation (GO) bonds to AA- from AA remains uncertain–and some observers wonder why it happened at all. In addition to the GO bonds, Fitch downgraded the Garden State Preservation Trust’s open-space revenue bonds from AA to AA- and the state’s appropriation-backed debt and other related debt to A+ from AA-. The agency also revised its rating outlook for all affected bonds to stable from negative.

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