S&P Global Ratings assigned its 'AAA' long-term rating to the Monmouth County Improvement Authority, N.J.'s approximately $61.125 million series 2023 governmental pooled loan revenue bonds, guaranteed by Monmouth County. The outlook is stable. Our rating on the bonds reflects our view of Monmouth County's unconditional guarantee of full and prompt payment of principal and interest on the bonds when due and payable. The guarantee qualifies as a form of credit enhancement and, in our view, is based on the county's unconditional promise to pay the guaranteed obligation on the due date when remedies against the primary obligors are exhausted. For issues that carry the county's guarantee, none of the transactions include obligors with unenhanced ratings that exceed our rating on
