Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Michigan Finance Authority's local government loan program revenue bonds, series 2013C (County of Bay local project bonds), issued on behalf of Bay County. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying (SPUR) on the county's existing debt. The outlook is stable. The ratings reflect our assessment of the county's creditworthiness based on: The local economy's ties to Saginaw and Midland; The county's strong financial position, strengthened by very strong general fund reserves; The county's good financial management practices and policies; and The county's low overall net debt burden. Partially offsetting the above credit strengths, in our view, are the county's below-average income levels.