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

S&P Global Ratings assigned its 'SP-1+ short-term rating to Monmouth County Improvement Authority, N.J.'s series 2017A and series 2017B governmental loan project notes, guaranteed by Monmouth County. At the same time, we affirmed our 'AAA' 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 2017 governmental loan project notes are a direct and special obligation of the authority. The notes are secured by the loan repayment made by the borrower, Fort Monmouth Economic Revitalization Agency, pursuant to the borrower notes the authority purchased. Note proceeds will be used to refund a portion of the outstanding 2016A and 2016B governmental loan project notes, which were

...S&P Global Ratings assigned its 'SP-1+ short-term rating to Monmouth County Improvement Authority, N.J.'s series 2017A and series 2017B governmental loan project notes, 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 2017 governmental loan project notes are a direct and special obligation of the authority. The notes are secured by the loan repayment made by the borrower, Fort Monmouth Economic Revitalization Agency, pursuant to the borrower notes the authority purchased. Note proceeds will be used to refund a portion of the outstanding 2016A and 2016B governmental loan project notes, which were used to make a loan to the agency. However, Monmouth County's unconditional and irrevocable full faith and credit GO guarantee ultimately secures the notes, and the rating reflects that. The short-term rating is based on...

Summary