S&P Global Ratings revised the outlook to stable from negative and affirmed its 'AA-' rating on Bay County, Mich.'s general obligation (GO) bonds outstanding and Waldo&Branches Intercounty Drain Drainage District's bonds supported by the county. At the same time, S&P Global Ratings assigned its 'AA-' rating with a stable outlook to the Bay County Water Supply System's $29.2 million 2021 revenue refunding bonds. The outlook revision reflects our expectation that the county will maintain reserves at sufficient levels to offset potential credit stress created by a weaker economy that leads to what we view as reduced revenue-raising capabilities. A pledge of the net revenues from the Bay Area Water Treatment Plant and Raw Water Transmission Mains System as