Standard&Poor's Ratings Services has assigned its 'AA' rating, and stable outlook, to Portage, Mich.'s series 2008A limited-tax GO capital improvement and refunding bonds. At the same time, the rating services affirmed its 'AA' rating and 'AA' Standard&Poor's underlying rating (SPUR), on the city's existing debt. The ratings reflect the city's: Proximity to, and participation in, the diverse Kalamazoo-Portage core based statistical area (CBSA); Good income indicators coupled with below-average unemployment rates; and Sound financial profile, evidenced by consistently strong general fund reserve levels. The city's moderately high overall debt burden partially mitigates these credit strengths. The city's limited-tax, full faith and credit GO pledge secures the bonds. The city will use $2.8 million of the bond
