The rating on Portage, Mich.'s GO debt reflects: Growth in assessed value (AV), averaging 6.5% per year for the past 10 years; Maintenance of a solid financial position; and A low debt burden. Mitigating factors include: A limited-tax pledge, Tax base concentration, and Limited revenue flexibility. Portage is in Kalamazoo County in southwestern Michigan. Pharmacia and Upjohn Inc., a pharmaceutical company, operates a manufacturing facility in the city and is the leading employer (3,600 employees) and taxpayer. When Upjohn merged with Pharmacia in 1997, Upjohn relocated its headquarters to New Jersey, affecting 600 local jobs. The job losses had little impact on the city due to the success of various economic development initiatives, which have resulted in several new enterprises
