The 'A' Standard & Poor's underlying rating (SPUR) on Bay County Water Supply System, Mich.'s bonds, issued for Bay County to fund improvements to the Fraser-Kawkawlin extension, 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 is payable by benefiting townships. (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.