May 1 (Bloomberg) — New Jersey’s credit rating was lowered one step by Fitch Ratings, which cited an $807 million revenue shortfall and Governor Chris Christie’s likely use of one-time measures to plug the gap.

The firm lowered the state’s general obligation debt to A+, saying revenue forecasts were “overly optimistic.” Fitch also expressed concern over “both the scale and belatedness” of the shortfall, with two months left in the fiscal year. A+ is the fifth-highest investment grade and Fitch maintained a negative outlook on the state’s credit.

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