S&P Global Ratings assigned its 'SP-1+' short-term rating to Monmouth County, N.J.'s series 2019 general obligation (GO) reclamation center utility bond anticipation notes (BANs). At the same time, we assigned our 'AAA' rating to the county's series 2019 GO bonds and Monmouth County Improvement Authority's series 2019b pooled loan revenue bonds, guaranteed by Monmouth County. The outlook, where applicable, is stable. Underpinning the county's credit strength is its management team, which historically achieved balanced current fund operations and sustained strong-to-very-strong flexibility and liquidity. We believe this is critical to maintaining the rating, given long-term liability pressures that New Jersey local governments may experience should the state require higher contributions to increase funding levels of its underfunded pension plans. Monmouth County
