The rating on Portage, Mich.'s bonds reflects: * Above-average income levels, * Strong management, and * A solid financial position. Mitigating these strengths are tax and employment base concentration and high carrying charges. Portage is located midway between Chicago and Detroit. In the fall of 1997, the city's leading employer and taxpayer, Pharmacia&Upjohn Inc., a large pharmaceutical manufacturer, announced the transfer of 600 headquarters jobs out of the area. Upjohn employs over 5,000 employees and represents a concentrated 26% of taxable value. The relocation will impact the employment, retail, and housing sectors in the near term. However, the growth and diversity of the Portage area economy should allow the city to absorb the cuts with minimal long-term disruption.
