...Standard & Poor's Ratings Services assigned its '##' long-term rating to Portage, Mich.'s series 2015B limited-tax general obligation (GO) capital improvement refunding bonds. At the same time, we affirmed our '##' 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 2015B bonds. Bond proceeds will be used to refund a portion of the city's series 2008A bonds for interest cost savings. A pledge of the city's limited-tax GO secures its series 2012 limited-tax GO downtown development refunding bonds, and the authority's series 2014 tax increment refunding bonds (issued for the city). The city is also pledging tax increment financing revenue to both series of bonds; however, we rate the bonds based on the GO pledge. A pledge of the city's limited-tax GO secures its series 2011 special assessment...
