S&P Global Ratings assigned its 'AA' rating and stable outlook to Portage, Mich.'s series 2016 capital improvement general obligation (GO) limited-tax bonds and affirmed its 'AA' rating, with a stable outlook, on the city's GO debt and Portage Building Authority?s and Portage Local Development Finance Authority?s appropriation debt, supported by the city. The city's full-faith-and-credit pledge and limited-ad valorem-property-tax-GO pledge secure the payment of principal of, and interest on, the series 2016 bonds. The city will use series 2016 bond proceeds to refund its series 2009 bonds and finance major street reconstructions, as well as purchases and upgrades for a police dispatch system. The city's full-faith-and-credit pledge and limited-ad valorem-property-tax-GO pledge and Michigan Transportation Fund (MTF) revenue secure the MTF
