...S&P Global Ratings assigned its '##+' long-term rating to the City of Portage, Mich.'s $15 million series 2021 capital improvement bonds. At the same time, we affirmed our '##+' rating on the city's existing GO bonds. The outlook on all the ratings is stable. The 2021 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 Kalamazoo County's entire tax base and that there are no limitations on the fungibility of resources available for debt service. Proceeds from the 2021 capital improvement bonds are expected to finance the construction of a new community senior center facility, and various road and infrastructure improvements....
