The rating on Monmouth County, N.J.'s bonds reflects: * A primarily residential, but diversifying economic base; * Above-average income; * A strong financial position; * Manageable debt, coupled with a sizable capital program. The county (population 578,509) is in the east-central New Jersey with easy access to numerous employment opportunities in the New York City metropolitan area. Although the county remains primarily residential, the economic base continues to expand. Leading employers include AT&T (Lucent Technologies) (11,000 employees), Fort Monmouth Army Base (7,294), and Monmouth County Medical Center (3,808). Downsizing at International Fragrances and Flavors has been offset by residential development, as well as the announced expansions of the Fort Monmouth and the AT&T headquarters. In addition, the Naval Weapons Stations
