NEW YORK (Standard&Poor's) Nov. 20, 2003--Standard&Poor's Ratings Services has assigned its 'AA' rating to Portage, Mich.'s $2.765 million downtown development, limited-tax GO capital improvement bonds, series 2003. The outlook is stable. The sale date is December 3. At the same time, Standard&Poor's has raised its rating to 'AA' or its 'AA' underlying rating (SPUR) from 'AA-' on Portage, Mich.'s outstanding bonds. "The upgrade reflects the city's growing tax base that has gradually decreased its reliance on one, major taxpayer," said Standard&Poor's credit analyst Michael Zinman. He added, "The upgrade also reflects the implementation of managerial practices that helped weather financial pressures without adversely affecting the general fund balance." The rating also reflects
