Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Bay County, Mich.'s series 2010 general obligation (GO) limited-tax sewage disposal system revenue bonds. At the same time, we affirmed the 'AA' ratings on the county's outstanding debt. Our assessment of the county's credit quality is based on: The local economy's ties to Saginaw and Midland, with lessening dependence on the cyclical automobile industry; A good financial position, bolstered by strong reserves in the budget stabilization and delinquent tax funds; Evidence of good financial management practices and policies; and A moderate debt burden with minimal capital needs. Located in east-central Michigan, Bay County's 108,000 residents have access to the Midland and Saginaw employment bases. While the General