The 'AAA' standard long-term rating assigned to Monmouth County Improvement Authority, N.J.'s series 2008 county guaranteed lease revenue bonds (Brookdale Community College project), which are ultimately guaranteed by the county's full faith and credit pledge, is based on the following county characteristics: Strong local economy anchored by the services, retail trade, and health care industries; Substantial and expanding tax base providing more than 60% of the county's revenues; Income levels that exceed both state and national levels; Consistently strong and conservative financial management, evidenced by regular operating surpluses and high current fund balances; and Moderate-to-low overall debt burden. The county's full faith and credit pledge serves as additional security on the 2008 bonds beyond the traditional lease arrangement between the
