The outlook revision to negative from stable and the affirmation of the 'BBB+' Standard & Poor's underlying rating (SPUR) on Gladwin County, Mich.'s limited GO water supply and sewer disposal system bonds reflect the county's: Weak operating history and diminishing, although adequate, reserve levels, which pose challenges to the county's finances in the future; Limited economy centered on tourism, agriculture, and manufacturing; and High unemployment rates and below-average income levels. The county, with a population of 26,023, is in central Michigan and is dominated by light manufacturing, agriculture, and recreational activity surrounding the various lakes and rivers that run through the county. The county's limited economy lacks diversity and has contributed to historical cyclical double-digit unemployment rates and per capita
