Rationale Standard & Poor's Ratings Services has assigned its 'AAA' long term rating to Monmouth County, N.J.'s series 2009 general obligation (GO) bonds.  The rating is based on the following county characteristics:

	Strong local economy anchored by the services, retail trade, and health care industries;
	Substantial and expanding property tax base providing more than 60% of the county's revenues;
	Wealth levels that well above 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 pledge of the county secures the series 2009 bonds.

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Ratings

Outstanding Debt

County General Obligation Bonds	AAA
Monmouth County Improvement Authority, New Jersey County Guaranteed Bonds*	AAA
Rating Outlook	Stable

*Issued by the Monmouth County Improvement Authority.

New Issue Details
Sale Information:  General Obligation Bonds consisting of $44,790,000 Series 2009A, and $26,385,000 Series 2009B, via competitive sale on November 3, 2009 as either tax-exempt or federally subsidized Build America Bonds.  Security: General Obligation of Monmouth County and payable from ad valorem taxes, without limitation as to rate or amount.
Purpose: To fund various county capital improvements and acquisitions.
Final Maturity:  Series 2009A Bonds:  Serially November 1, 2010-2019; Series 2009B serially November 1, 2020-2024.

Rating Rationale

	Monmouth County continues to benefit from strong financial management, flexibility, and operations.
	Debt levels are low to moderate, with rapid amortization.
	The county has above-average wealth, a growing tax base, and a guaranty of 100% of tax collections by the underlying municipalities.
	The county has experienced solid long-term population growth and a diversifying economic base.

Key Rating Drivers

	Continued pressure on the housing market potentially triggering declines in the tax base.
	The ability to maintain financial flexibility in light of high fixed costs.

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New Issue:  Moody's assigns Aaa to Monmouth County's (NJ) $71.2 million General Obligation Bonds, Series 2009; outlook is stable.

Total of $542 million County and County-Guaranteed parity debt outstanding, including current issue.

County
NJ

Moody's Outlook:  Stable

Opinion

NEW YORK, October 20, 2009 -- Moody's Investors Service has assigned a Aaa rating with a stable outlook to Monmouth County's (NJ) $71.2 million General Obligation Bonds, Series 2009 consisting of $44.8 million General Obligation Bonds, Series 2009A and 26.4 million General Obligation Bonds, Series 2009B.  The bonds are secured by the county's general obligation unlimited tax pledge and may be issued as Federally Taxable Issuer Subsidy Build America Bonds.  At this time, Moody's has also affirmed the Aaa rating on approximately $470.8 million of previously issued and outstanding county and county-guaranteed debt obligations.  Proceeds of the current issuance will finance various county capital projects and acquisitions.  The Aaa rating reflects the county's strong financial operations with healthy reserve levels, substantial tax base with slowed but still healthy growth, and favorable debt position.  The stable outlook reflects our expectation that the county's substantial tax base will continue to grow, albeit at more moderate rates; wealth levels will remain above state and national norms; the reserve levels will remain healthy despite near-term projected declines; and the debt burden will remain nominal.

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