The 'AA-' rating on Portage, Mich.'s limited-tax GO capital improvement bonds series 2003 reflects the city's: Participation in the Kalamazoo-Battle Creek MSA; Above-average wealth and income levels, combined with below-average unemployment levels; Solid financial operations; and Moderate debt levels. Tempering factors include considerable tax base concentration, limited revenue flexibility, and uncertainties surrounding the operations of Pfizer Corp. (formerly Pharmacia Corp), the city's largest taxpayer and employer. Proceeds from this issue will be used for various capital purposes. The bonds are secured by the city's limited-tax GO pledge. Halfway between Chicago and Detroit on Interstate 94 in Kalamazoo County, the city encompasses 34.5 square miles and has 45,600 residents. One-third of the land is zoned for residential use, and the city
