S&P Global Ratings assigned its 'AAA' long-term rating to Monmouth County, N.J.'s series 2019 general obligation (GO) refunding bonds and the Monmouth County Improvement Authority's series 2019 capital equipment pooled lease revenue bonds, guaranteed by the county. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's existing GO debt and county-guaranteed debt issued through the improvement authority. The outlook 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
