The 'A' rating on Bay County, Mich.'s limited-tax bonds reflects the county's automobile manufacturing-related economic base that is continuing to diversify, adequate financial position, and moderate taxpayer concentration. The county's limited-tax rating secures the bonds, which are being issued to fund improvements to the county water supply system. (For further information on the county's general credit characteristics, please refer to the most recent summary analysis on Bay County's GO debt rating on RatingsDirect.) The stable outlook reflects the GO outlook of the county.