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

S&P Global Ratings assigned its 'AA+' long-term rating to the City of Portage, Mich.'s series 2019 capital improvement limited-tax general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the city's existing GO bonds, including bonds issued for the city through the Portage Building Authority and the Portage Local Development Finance Authority, and its 'AA+' rating on the city's Michigan Transportation Fund (MTF) bonds outstanding. The outlook on all the ratings is stable. The 2019 bonds are secured by a pledge of the city's full faith, credit, and resources and an agreement to levy ad valorem property taxes within state limitations. We rate the limited-tax GO debt at the same level as our view

...S&P Global Ratings assigned its '##+' long-term rating to the City of Portage, Mich.'s series 2019 capital improvement limited-tax general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the city's existing GO bonds, including bonds issued for the city through the Portage Building Authority and the Portage Local Development Finance Authority, and its '##+' rating on the city's Michigan Transportation Fund (MTF) bonds outstanding. The outlook on all the ratings is stable. The 2019 bonds are secured by a pledge of the city's full faith, credit, and resources and an agreement to levy ad valorem property taxes within state limitations. We rate the limited-tax GO debt at the same level as our view of the city's general creditworthiness given that ad valorem taxes are collected from the Kalamazoo County's entire tax base and that there are no limitations on the fungibility of resources available for debt service. The city will use series 2019 bond proceeds...

Summary