Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portage, Mich.'s series 2010 limited-tax general obligation (GO) capital improvement bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on the city's existing debt. The outlook is stable. In our opinion, the rating reflects the city's: Access to, and participation in, the diverse Kalamazoo, Mich. area economy; Very strong wealth and good income indicators coupled with below-average unemployment rates; and Sound financial profile, evidenced by consistently strong general fund reserve levels. The city's moderately high overall debt burden is, in our opinion, a limiting credit consideration. The series 2010 capital improvement bonds are secured by the city's limited-tax, full faith and credit
