The Standard & Poor's underlying rating (SPUR) rating on Gladwin County, Mich.'s bonds reflects: A shallow economic base, Below-average income levels, and Limited taxing flexibility. These credit factors are offset by the county's consistent financial performance and a manageable debt burden. The bonds are secured by the GO pledge of the county. Gladwin County, population 22,000, is located in central Michigan. The county's limited economy lacks diversity and has contributed to historical cyclical double-digit unemployment rates and low per capita income levels below state, regional, and national averages. Although land use in the county is mostly residential, the agricultural industry continues to have a strong presence in the county. Consumers Power Utility remains the leading taxpayer in a tax base
