Standard & Poor's Corp. yesterday placed $3.2 billion of New Jersey general obligation debt on CreditWatch with negative implications, warning that uncertainty over the fiscal 1992 budget is threatening one of the nation's last triple-A state credits.

The action partially reflects concern that, as New Jersey wraps up its budget later this month, the integrity of revenue estimates might be compromised to bring about an artificially balanced budget, explained Nancy Feldman, a vice president at Standard & Poor's.

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