Summary: Monmouth County Improvement Authority, New Jersey Monmouth County; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AAA' rating to Monmouth County Improvement Authority, N.J.'s series 2017 governmental pooled loan revenue bonds, guaranteed by Monmouth County. At the same time, we affirmed our 'AAA' rating 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 2017 governmental pooled loan revenue bonds are a direct and special obligation of the authority. The bonds are secured by payments to the authority by participating local governments, backed by the full faith and credit pledge of each of the participating entities. We understand bond proceeds will be used to refinance outstanding bond anticipation notes and finance general improvements. However, Monmouth County's unconditional and

...S&P Global Ratings assigned its '###' rating to Monmouth County Improvement Authority, N.J.'s series 2017 governmental pooled loan revenue bonds, guaranteed by Monmouth County. At the same time, we affirmed our '###' rating 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 2017 governmental pooled loan revenue bonds are a direct and special obligation of the authority. The bonds are secured by payments to the authority by participating local governments, backed by the full faith and credit pledge of each of the participating entities. We understand bond proceeds will be used to refinance outstanding bond anticipation notes and finance general improvements. However, Monmouth County's unconditional and irrevocable GO guarantee ultimately secures the bonds, and the rating reflects that. The county's full faith, credit, and unlimited ad valorem levy pledge secures the existing GO debt and the authority's...

Summary