...S&P Global Ratings assigned its '###' rating to Monmouth County Improvement Authority, N.J.'s series 2018A governmental loan project bonds, guaranteed by Monmouth County. At the same time, we affirmed our '###' ratings on the authority's existing general obligation (GO) backed debt and the county's existing GO debt. The outlook on all ratings is stable. The series 2018A governmental loan project bonds are a direct and special obligation of the authority. The bonds are secured by loan repayments made by various local governments within the county, pursuant to the borrower bonds the authority purchased. Bond proceeds will be used to acquire the borrower bonds, which are being used to refinance bond anticipation notes outstanding and for various capital improvements. However, Monmouth County's unconditional and irrevocable full faith and credit GO guarantee ultimately secures the bonds, and the rating reflects that. The county's full faith, credit, and unlimited ad valorem levy pledge secures...
