TRENTON, N.J. (AP) — The New York financial ratings agency Standard & Poor's lowered its outlook on New Jersey from stable to negative on Tuesday, based on the state's continuing budget imbalance and revenue projections for the fiscal year that began July 1.

S&P did not revise its ratings on the state's general obligation bonds or other debt, citing New Jersey's credit-worthiness and commitment to repaying its debt obligations. But the agency warned that a future downgrade is possible.

The downgrade was the latest financial setback for Gov. Chris Christie, who recently dropped the "New Jersey Comeback" slogan he had trumpeted since January.

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