The 'BBB+' Standard & Poor's underlying rating (SPUR) on Gladwin County, Mich.'s limited-tax GO water supply and sewer disposal system bonds reflects the county's: Limited economy centered on tourism, agriculture, and manufacturing; High unemployment rates and below-average income levels; Satisfactory financial performance and reserves; and Low debt. The bonds are secured by the county's limited-tax GO pledge. Gladwin County, with a population of 26,023, is in central Michigan. The area economy is dominated by agriculture and recreational activity, given the various lakes and rivers that run through the county, as well as some light manufacturing. The county's limited economy lacks diversity and has contributed to historical cyclical double-digit unemployment rates and per capita income levels below state, regional, and national
