Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portage, Mich.'s series 2015A 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 Portage Local Development Finance Authority's GO debt previously issued for the city. The outlook is stable. The city's limited-tax full faith and credit GO pledge secures the series 2015A bonds. Bond proceeds will be used to finance various capital improvements in the city's water fund, including water main replacements. The city plans to use revenue from the water fund to pay debt service on the bonds. The 'AA' rating reflects our assessment of the following factors for
