Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to Portage, Mich.'s series 2013A limited-tax general obligation (GO) capital improvement refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's and its building authority's existing GO debt. We also affirmed our 'AA' rating on the city's existing Michigan Transportation Fund bonds. The outlook on all of the ratings is stable. The rating on the MTF bonds reflects the city's pledge of annual gas and weight taxes received by the city from the state pursuant to the provisions of Act 175, Public Acts of Michigan, 1952, as amended, and Act 34, Public Acts of Michigan, 2001, as amended.
