Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to Michigan Finance Authority's local government loan program revenue bonds, series 2012B (County of Bay local project bonds), issued on behalf of Bay County. At the same time, Standard&Poor's affirmed its 'AA' ratings on the county's existing debt. The outlook is stable. Our assessment of the county's credit quality is based on: The local economy's ties to Saginaw and Midland, A strong financial position, strengthened by very strong general fund reserves, Good financial management practices and policies; and A moderate debt burden with minimal capital needs. The local project bonds are payable from the repayment of a loan made by the authority to the county. The county's
