S&P Global Ratings assigned its 'SP-1+' rating to the Monmouth County Improvement Authority, N.J.'s series 2016 governmental loan project notes, 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, both of which have an outlook of stable. The series 2016 governmental loan project notes are a direct and special obligation of the authority. The notes are secured by those revenues of the authority derived from the loan repayment made by the borrower, Fort Monmouth Economic Revitalization Agency, pursuant to the borrower notes the authority purchased. We understand officials plan to use note proceeds to make a loan to the Fort Monmouth Economic Revitalization
