Standard&Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Portage, Mich.'s series 2008B limited-tax general obligation (GO) capital improvement bonds and affirmed its 'AA' standard long-term rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, on the city's existing debt. The ratings reflect the city's: Access to, and participation in, the diverse Kalamazoo, Mich. area economy; Good income indicators, coupled with below-average unemployment; and Sound financial profile, evidenced by consistently strong general fund reserves. The city's moderately high overall debt burden and elevated debt service carrying charge mitigate, in part, these credit strengths. The city's limited-tax, full faith and credit GO pledge secures the bonds. Officials will use bond proceeds to
