...S&P Global Ratings assigned its '###' long-term rating to the Monmouth County Improvement Authority, N.J.'s approximately $37.9 million series 2021b governmental pooled loan revenue bonds, guaranteed by Monmouth County. The outlook is stable. The governmental pooled loan revenue bonds are issued on behalf of 11 municipalities and utilities authorities in Monmouth County. Our rating on the bonds issued through the improvement authority reflects our view of Monmouth County's unconditional guarantee of full and prompt payment of principal and interest on the bonds when due and payable. The guarantee qualifies as a form of credit enhancement and, in our view, is based on the county's unconditional promise to pay the guaranteed obligation on the due date when remedies against the primary obligors are exhausted. For this issue, which carries the county's guarantee, none of the obligors with unenhanced ratings exceed our rating on the county....
