Summary: Portage, Michigan; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to the City of Portage, Mich.'s $3.6 million series 2023 capital improvement bonds. At the same time, we affirmed our 'AA+' rating on the city's existing GO bonds. The outlook is stable. The 2023 bonds are secured by a pledge of the city's full faith, credit, and resources, and an agreement to levy ad valorem property taxes within state limitations. We rate the limited-tax GO debt at the same level as our view of the city's general creditworthiness, given that ad valorem taxes are collected from the city's entire tax base and that there are no limitations on the fungibility of resources available for debt service. Proceeds from the 2023 capital improvement

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI % of U.S. 107 Market value per capita ($) 116,132 Population 49,266 49,256 County unemployment rate (%) 3.9 Market value ($000) 5,721,366 5,533,204 5,380,556 Ten largest taxpayers % of taxable value 18.2 Strong budgetary performance Operating fund result % of expenditures 0.0 19.5 1.4 Total governmental fund result % of expenditures 7.2 11.5 3.9 Very strong budgetary flexibility Available reserves % of operating expenditures 49.5 52.3 29.3 Total available reserves ($000) 14,759 13,248 7,868 Very strong liquidity Total government cash % of governmental fund expenditures 95 83 84 Total government cash % of governmental fund debt service 770 567 614 Very strong management Financial Management Assessment Strong Adequate debt & long-term liabilities Debt service % of governmental fund expenditures 12.3 14.7 13.7 Net direct debt % of governmental fund revenue 96 Overall net debt % of market value 4.4 Direct...

Summary