Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Portage, Mich.'s series 2009 limited-tax general obligation (GO) capital improvement bonds and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing debt. In our opinion, the ratings reflect the city's: Access to, and participation in, the diverse Kalamazoo, Mich. area economy; Very strong wealth and good income indicators, coupled with below-average unemployment; and Sound financial profile, evidenced by consistently strong general fund reserves. The city's moderately high overall debt burden is, in our opinion, a limiting credit consideration. The city's limited-tax, full faith and credit GO pledge secures the series 2009 bonds. Officials will use bond proceeds to
