Standard&Poor's Ratings Services has affirmed its 'A' long-term rating on Chappel Dam Assessment District, Mich.'s series 2009 special assessment bonds, ultimately secured by Gladwin County. The outlook is stable. Our assessment of the county's credit quality is based on: A stabilizing local economy centered on tourism and agriculture; Very strong market value per capita; Strong reserves, including available reserves outside the general fund; and Low debt burden with no additional debt plans. In our view, the preceding credit strengths are offset in part by the county's below-average but adequate income levels, above-average unemployment rate, and recent trend of general fund shortfalls. Securing the bonds are special assessments levied against properties within the assessment district and, to the extent
