Summary: Chappel Dam Assessment District, Michigan Gladwin County; General Obligation

S&P Global Ratings revised the outlook on its 'AA-' rating on Chappel Dam Assessment District, Mich.'s series 2009 special-assessment bonds, issued for Gladwin County, to stable from negative. S&P Global Ratings also affirmed its 'AA-' rating. The outlook revision reflects our view of the county returning to structural balance in fiscal years 2021 and 2022, resulting in the county maintaining a strong fund balance as it managed through previous revenue losses related to COVID-19 shutdowns. Special assessments levied against properties within the assessment district and--to the extent this revenue is insufficient--Gladwin County's full-faith-and-credit limited-tax general obligation (GO) pledge secure the bonds. We rate to the county's GO pledge due to insufficient disclosures to assess the special assessments' creditworthiness. The county

...Most recent --Historical information-- 2022 2021 2020 Adequate economy Projected per capita effective buying income (EBI) (%) of U.S. 74.0 Market value per capita ($) 106,083 Population 25,720 25,480 25,329 County unemployment rate(%) 6.1 Market value ($000) 2,728,462 2,692,048 2,536,500 10 leading taxpayers as a % of taxable value 5.6 Adequate budgetary performance Operating fund result as a % of expenditures 1.1 0.1 (5.4) Total governmental fund result as a % of expenditures (1.1) (5.9) (11.3) Very strong budgetary flexibility Available reserves as a % of operating expenditures 15.6 14.9 18.2 Total available reserves ($000) 1,841 1,710 2,000 Very strong liquidity Total government cash % of governmental fund expenditures 57.4 58.3 50.6 Total government cash % of governmental fund debt service 4,060.7 1,714.1 4,120.9 Adequate management Financial Management Assessment Standard Very strong debt and long-term liabilities Debt service as a % of governmental fund expenditures 1.4 3.4 1.2 Net...

Summary