Bay County, MI Bond Rating Outlook Revised To Stable From Negative On Stabilized Finances

NEW YORK (S&P Global Ratings) Oct. 19, 2021--S&P Global Ratings revised the outlook to stable from negative and affirmed its 'AA-' rating on Bay County, Mich.'s general obligation (GO) bonds outstanding and Waldo&Branches Intercounty Drain Drainage District's bonds supported by the county. At the same time, S&P Global Ratings assigned its 'AA-' rating with a stable outlook to the Bay County Water Supply System's $29.2 million 2021 revenue refunding bonds. "The outlook revision reflects our expectation that the county will maintain reserves at sufficient levels to offset potential credit stress created by a weaker economy that leads to what we view as reduced revenue-raising capabilities," said S&P Global Ratings credit analyst Tiffany Tribbitt. The rating reflects our view

...October 19, 2021 NEW YORK (S&P Global Ratings) Oct. 19, 2021--S&P Global Ratings revised the outlook to stable from negative and affirmed its '##-' rating on Bay County, Mich.'s general obligation (GO) bonds outstanding and Waldo & Branches Intercounty Drain Drainage District's bonds supported by the county. At the same time, S&P Global Ratings assigned its '##-' rating with a stable outlook to the Bay County Water Supply System's $29.2 million 2021 revenue refunding bonds. "The outlook revision reflects our expectation that the county will maintain reserves at sufficient levels to offset potential credit stress created by a weaker economy that leads to what we view as reduced revenue-raising capabilities," said S&P Global Ratings credit analyst Tiffany Tribbitt. The rating reflects our view of Bay County's: - Weak economy; - Adequate management; - Strong budgetary performance; - Very strong budgetary flexibility; - Very strong liquidity; - Adequate debt and contingent liability profile;...

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