The 'AAA' rating on Monmouth County Improvement Authority, N.J.'s county-guaranteed pooled equipment lease-revenue bonds series 2003, issued for Monmouth County, reflects the security of the unconditional and irrevocable obligation of each local unit to make annual debt service payments to the authority. If any unit fails to make its respective payment, Monmouth County is then required to make lease rental payments to the authority on the unit's behalf. Each obligation is backed by a county guaranty, which is a full faith and credit pledge of Monmouth County and its unlimited ad valorem taxing capacity. Rating factors for Monmouth County include: A strong local economic base centered in the health care and telecommunications industries, Solid tax base growth, Wealth and income
