Summary: Portage Local Development Finance Authority, Michigan Portage; General Obligation; General Obligation Equivalent Security; Miscellaneous Tax

Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the Portage Local Development Finance Authority, Mich.'s series 2015 tax-increment refunding bonds (taxable). At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city of Portage's GO debt and the authority's GO debt previously issued for the city. The outlook is stable. The city's full-faith-and-credit and limited ad valorem property tax GO pledge secures the payment of principal of, and interest on, the 2015 tax-increment refunding bonds. The authority has pledged tax-increment revenue, but we rate the bonds based on the GO pledge as we view it as the stronger pledge. We understand the proceeds of the bonds will be used

...Standard & Poor's Ratings Services assigned its '##' long-term rating to the Portage Local Development Finance Authority, Mich.'s series 2015 tax-increment refunding bonds (taxable). At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR) on the city of Portage's GO debt and the authority's GO debt previously issued for the city. The outlook is stable. The city's full-faith-and-credit and limited ad valorem property tax GO pledge secures the payment of principal of, and interest on, the 2015 tax-increment refunding bonds. The authority has pledged tax-increment revenue, but we rate the bonds based on the GO pledge as we view it as the stronger pledge. We understand the proceeds of the bonds will be used to refund the outstanding 2004 tax-increment bonds. The series 2001 Michigan Transportation Fund (MTF) bonds are secured by the city's full-faith-and-credit and limited ad valorem property tax GO pledge and MTF revenue. We rate the bonds based...

Summary