...S&P Global Ratings assigned its '###' long-term rating to the Monmouth County Improvement Authority, N.J.'s approximately $35.5 million series 2021 governmental pooled loan revenue bonds, guaranteed by Monmouth County. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the county's previously issued general obligation (GO) bonds and county-guaranteed bonds issued by the authority, as well as its 'SP-1+' short-term rating on county-guaranteed bond anticipation notes (BANs) issued by the authority. The outlook, where applicable, is stable. The bonds are issued to refund certain series outstanding, as well as to provide funding on behalf of local entities. Our rating on the bonds issued through the improvement authority 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...
