The 'AA-' rating on Portage, Mich.'s special assessment bonds and limited-tax GO bonds reflects the city's: Strong economic performance, Solid financial operations, and Moderately low debt levels. Mitigating factors include considerable tax base concentration, limited revenue flexibility and the uncertainties surrounding the Pharmacia Corporation's operations (the largest taxpayer and employer) since it has recently been purchased by the Pfizer Corp. The bonds are secured by the city's GO limited-tax pledge. Portage is halfway between Chicago and Detroit on Interstate 94 in Kalamazoo County. The city encompasses 34.5 square miles and has 45,000 residents. One third of the land is zoned for residential use, and the city also has a large commercial and industrial base. The city's leading employers include Pharmacia
