The 'A' rating on Bay County Auburn Road Drain District, Mich.'s bonds, issued for Bay County, 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, but debt service will be paid by the benefiting townships. The bonds are issued to fund improvements to the Auburn Road Drain District. (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.