Summary: Portage, Michigan; General Obligation; General Obligation Equivalent Security; Miscellaneous Tax

Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portage, Mich.'s series 2015C 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 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 2015C bonds. Bond proceeds will be used to refund a portion of the city's series 2007 bonds for interest cost savings. We believe the city possesses the financial stability necessary to sustain ratings on its limited tax GO bonds identical to an unlimited-tax GO pledge. A pledge of

...Standard & Poor's Ratings Services assigned its '##' long-term rating to Portage, Mich.'s series 2015C limited-tax general obligation (GO) capital improvement refunding bonds. At the same time, Standard & Poor's affirmed its '##' 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 2015C bonds. Bond proceeds will be used to refund a portion of the city's series 2007 bonds for interest cost savings. We believe the city possesses the financial stability necessary to sustain ratings on its limited tax GO bonds identical to an unlimited-tax GO pledge. A pledge of the city's limited-tax GO secures its series 2012 limited-tax GO downtown development refunding bonds and the Portage Local Development Finance Authority's series 2014 tax increment refunding bonds (issued for the city). The city is also...

Summary