The rating outlook on Gladwin County, Mich.'s limited-tax GO water supply and sewer disposal system bonds has been revised to stable from negative, reflecting the elimination of a structural budget deficit and anticipated reduced reliance on reserves in the delinquent tax revolving fund. The 'BBB+' Standard & Poor's underlying rating (SPUR) has been affirmed and reflects the county's: Limited economy centered on tourism, agriculture, and manufacturing; High unemployment rates and below-average income levels; Satisfactory reserves; and Low debt. The bonds are secured by the county's limited-tax GO pledge. Gladwin County, with a population of slightly more than 26,000, is in central Michigan. The area economy is dominated by agriculture and recreational activity, given the various lakes and rivers that run
