Summary: Monmouth County, New Jersey; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Monmouth County, N.J.'s series 2017 general obligation (GO) bonds. The outlook is stable. The county's full faith and credit pledge secures the bonds. We understand bond proceeds will be used to fund various county capital improvements, including a reclamation center, vocational school, and county college improvements. Monmouth County's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria, "Ratings Above The Sovereign: Corporate And Government Ratings—Methodology And Assumptions," (published Nov. 19, 2013), the county has a predominately locally derived revenue source, with the majority of governmental activity revenue derived from property taxes,

...S&P Global Ratings assigned its '###' rating to Monmouth County, N.J.'s series 2017 general obligation (GO) bonds. The outlook is stable. The county's full faith and credit pledge secures the bonds. We understand bond proceeds will be used to fund various county capital improvements, including a reclamation center, vocational school, and county college improvements. Monmouth County's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria, "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," (published Nov. 19, 2013), the county has a predominately locally derived revenue source, with the majority of governmental activity revenue derived from property taxes, with independent taxing authority and independent treasury management from the federal government. The '###' rating reflects our assessment of the county's:...

Summary