The rating on Portage, Mich.'s bonds reflects the following strengths: * A diverse economic base, * Above-average income, and * A solid financial position. Offsetting factors include a limited tax pledge, some economic concentration, and high carrying charges. Portage is located midway between Chicago, Ill. and Detroit, Mich. Pharmacia&Upjohn Inc., a pharmaceutical manufacturer, is the largest employer in the city, with more than 5,000 employees and a concentrated taxable value of 27%. The company's importance to Portage was underscored by the recent announcement that 600 jobs at Upjohn's headquarters would be transferred out of the area. The relocation will impact employment, retail, and housing sectors in the near term. However, the growth and diversity of the area economy
