The upgrade on Monmouth County, N.J.'s debt reflects a history of strong financial management through economic cycles, evidenced by growing fiscal reserves, control of its solid waste issues, and continued economic development and expansion. Other rating factors include: A diversified expanding economic base with a focus in the health care and telecommunications industries; Above-average income indicators; and A sizable yet manageable capital program. Monmouth County Improvement Authority's rating reflects the security of an 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
