Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Monmouth County, N.J.'s series 2009 general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the GO bonds outstanding. We base the rating on what we consider the following county characteristics: A strong local economy anchored by the services, retail trade, and health care industries; A substantial and expanding property tax base providing more than 60% of the county's revenues; Income levels that exceed both state and national levels; Consistently strong and conservative financial management, evidenced by regular operating surpluses and high current fund balances; and Moderate-to-low overall debt burden. The full faith and credit
