Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portage, Mich.'s series 2013 limited-tax general obligation (GO) capital improvement bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's and the city's building authority's previously issued GO debt. The outlook on all the ratings is stable. The rating reflects our view of the city's: Access to and participation in the diverse Kalamazoo, Mich., area economy; Strong wealth and good income indicators coupled with below-average unemployment rates; and Sound financial profile, characterized by consistently strong general fund reserve levels; and Pension and other postemployment benefits (OPEB) liabilities funded in excess of 100%. Partly offsetting the above strengths, in our
