Chappel Dam Assessment District, MI Series 2009 Bond Rating Outlook Revised To Stable From Negative On Stronger Finances

DAYTON (S&P Global Ratings) Dec. 7, 2023--S&P Global Ratings revised the outlook on its 'AA-' rating on Chappel Dam Assessment District, Mich.'s series 2009 special-assessment bonds, issued for Gladwin County, to stable from negative and affirmed the rating. The outlook revision reflects our view of the county returning to structural balance in fiscal years 2021 and 2022, resulting in the county maintaining a strong fund balance as it managed through previous revenue losses related to COVID-19 shutdowns. "We could lower the rating if budgetary performance were to weaken, leading to a decrease in reserves and liquidity; if the county were to issue significant additional debt; or if economic metrics were to deteriorate," said S&P Global Ratings credit analyst Steven Waldeck.

...December 7, 2023 DAYTON (S&P Global Ratings) Dec. 7, 2023--S&P Global Ratings revised the outlook on its '##-' rating on Chappel Dam Assessment District, Mich.'s series 2009 special-assessment bonds, issued for Gladwin County, to stable from negative and affirmed the rating. The outlook revision reflects our view of the county returning to structural balance in fiscal years 2021 and 2022, resulting in the county maintaining a strong fund balance as it managed through previous revenue losses related to COVID-19 shutdowns. "We could lower the rating if budgetary performance were to weaken, leading to a decrease in reserves and liquidity; if the county were to issue significant additional debt; or if economic metrics were to deteriorate," said S&P Global Ratings credit analyst Steven Waldeck. "Holding everything else constant, we could raise the rating if the county were to continue to build reserves to levels similar to higher-rated peers and if economic indicators were to improve substantially."...

Ratings Action