Standard&Poor's Ratings Services raised its rating on Chappel Dam Assessment District, Mich.'s series 2009 special assessment bonds, issued for Gladwin County, by two notches to 'AA-' from 'A', based on Standard&Poor's local GO criteria released Sept. 12, 2013. The outlook is stable. Securing the bonds are special assessments levied against properties within the assessment district, and -- to the extent these revenues are insufficient -- Gladwin County's full faith and credit limited-tax general obligation (GO) pledge. The rating reflects our assessment of the following: In our opinion, Gladwin County's budgetary flexibility remains very strong, with fiscal 2012 available general fund reserves at 26.9% of operating expenditures. The county's flexibility includes nearly 24% of unallocated tax funds,
