S&P Global Ratings assigned its 'AA' long-term rating to Bay County, Mich.'s $6.4 million series 2024 Michigan transportation fund (MTF) bonds. The outlook is stable. The bonds are secured by MTF revenues, and to the extent that pledged revenues are insufficient, by the county's limited-tax general obligation (GO) pledge. We rate Bay County's MTF bonds under our priority-lien tax revenue debt criteria (published Oct. 22, 2018 on RatingsDirect), which factor in both the strength and stability of the pledged revenue as well as the general credit quality of the county. The rating is based on our view of the MTF revenue pledge, in turn based on our multiple revenue streams criteria, which we view as stronger than Bay County's GO
