NEW YORK (Standard & Poor's) Oct. 14, 2002--Standard & Poor's Ratings Services today revised its outlook on Gladwin County, Mich.'s limited general obligation water supply and sewer disposal system bonds to negative from stable due to a weak operating history and diminishing, although adequate, reserve levels. At the same time, the rating agency affirmed its triple-'B'-plus underlying rating on the county's $1.525 million of debt outstanding. "Given past trends, Standard & Poor's expects the county will face financial pressures in the near future, stemming from its increasing reliance on reserves in the delinquent tax revolving fund to support operations," said credit analyst Michael Zinman. "The county's continuing draw down of the delinquent tax revolving fund could decrease reserves to less
