Standard&Poor's Ratings Services has assigned its 'AA' rating to Portage, Mich.'s tax increment bonds, series 2004. At the same time, Standard&Poor's affirmed its 'AA' rating on the city's outstanding bonds. The 'AA' rating reflects the city's: Participation in the Kalamazoo-Battle Creek MSA; Above-average wealth and income levels, combined with below-average unemployment levels; Sound financial reserve levels; and Moderate debt levels. Considerable tax-base concentration offsets the above strengths. Tax-increment revenues, to be collected within the designated development area, secure the bonds. In the event revenues are insufficient, the bonds are additionally secured by the city's limited-tax GO pledge. Portage (population: 45,600) encompasses 34.5 square miles, and is located seven miles south of the City of Kalamazoo, in
