S&P Global Ratings assigned its 'SP-1+' short-term rating to Monmouth County Improvement Authority, N.J.'s series 2019 governmental loan project notes, guaranteed by Monmouth County. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's previously issued general obligation (GO) debt and county-guaranteed debt issued through the improvement authority. The outlook, where applicable, is stable. Underpinning the county's credit strength is its management team, which historically achieved balanced current fund operations and sustained strong-to-very-strong flexibility and liquidity. We believe this is critical to maintaining the rating, given long-term liability pressures that New Jersey local governments may experience should the state require higher contributions to increase funding levels of its underfunded pension plans. Monmouth County has elected
