Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Portage Mich.'s series 2008 capital improvement bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and 'AA' underlying rating (SPUR), on the city's existing debt. The rating reflects the city's: Proximity to, and participation in, the diverse 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 moderately concentrated tax base partially mitigates these credit strengths. The city's limited-tax, full faith and credit GO pledge secures the bonds. Portage will use bond proceeds to fund the costs associated with numerous capital projects throughout the city. Portage
