CHICAGO (Standard & Poor's) Oct. 20, 2005ùStandard & Poor's Ratings Services has revised its rating outlook on Gladwin County, Mich.'s limited-tax general obligation water supply and sewer disposal system bonds to stable from negative, reflecting the elimination of a structural budget deficit and anticipated reduced reliance on reserves in the delinquent tax revolving fund. The 'BBB+' Standard & Poor's underlying rating (SPUR) has been affirmed. The rating reflects the county's limited economy centered on tourism, agriculture, and manufacturing; high unemployment rates and below-average income levels; satisfactory reserves; and low debt. The stable outlook reflects the expectation that the county's structural budget imbalance has been effectively closed and that the general fund will continue to rely less heavily on reserves in
