The 'AA-' rating on Portage Building Authority, Mich.'s bonds, issued for Portage, reflects the city's: Strong economic performance, Solid financial operations, and Moderately low debt levels. Mitigating factors include some tax base concentration and limited revenue flexibility. The bonds are secured by a GO lease contract between the city and the authority. The cash rental payments, required to be paid by the city to the authority pursuant to the lease contract, have the city's limited-tax GO pledge. Portage is halfway between Chicago and Detroit on Interstate 94 in Kalamazoo County. The city encompasses 34.5 square miles and has 44,897 residents. One third of the land is zoned for residential use and the city also has a large commercial and industrial
