Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Portage, Mich.'s series 2007 special assessment bonds. At the same time, Standard&Poor's affirmed its 'AA' rating and 'AA' underlying rating (SPUR), with a stable outlook, on the city's existing debt. The rating reflects the city's: Proximity to, and participation in, the Kalamazoo-Battle Creek MSA; Average wealth levels, coupled with below-average unemployment rates; Sound financial profile, evidenced by steady general fund reserves; and Moderate debt burden. The city's moderate tax base concentration partially mitigates these credit strengths. The bonds are secured by the city's limited-tax, full faith and credit GO pledge. Bond proceeds will be used to complete various water and sewer projects and upgrades throughout
