The 'A' ratings on GO debt issued for Bay County, Mich. by various issuers reflects the county's: Participation in an automobile manufacturing-related economic base that is continuing to diversify; Good financial position, bolstered by strong reserves in the budget stabilization and delinquent tax funds; and Moderate debt burden. Constraining factors are the county's moderate taxpayer concentration and cyclicality due to a strong automotive presence and below-average income levels. Located in east-central Michigan, Bay County residents have access to the Midland and Saginaw employment bases. The GM Powertrain facility and other regional automobile-related manufacturers constitute a significant part of the employment base. The facility has suffered some downsizing--from 1,500 employees in 1999--and is expecting to reduce its staffing levels to closer
