Standard&Poor's Ratings Services assigned its 'A' rating and stable outlook to Chappel Dam Assessment District, Mich.'s series 2009 special assessment bonds, ultimately secured by Gladwin County, Mich.'s full-faith-and-credit, limited-tax general obligation (GO) pledge. In our opinion, the 'A' rating reflects the county's: Tourism, agriculture, and manufacturing based local economy; Adequate income indicators; Strong overall financial position boosted by reserves available outside the general fund; and Low overall debt burden. In our opinion, the county's very high unemployment level, in addition to the use of general fund reserves to fund operations in recent years, are limiting credit considerations. Management says it will use bond proceeds to complete capital improvements to the Chappel Dam Drain. The county's full-faith-and-credit limited-tax general
