Standard&Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Portage, Mich.'s series 2008 Michigan Transportation Fund refunding bonds and affirmed its 'AA' standard long-term rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, on the city's existing Michigan Transportation Fund bonds. The rating reflects the city's pledge of up to 50% of total gas and weight taxes received by the city according to state law Act 51, Public Acts of Michigan, 1951, as amended. The gas and weight taxes received by the city during the most recent audited fiscal year-end June 30, 2007, provided adequate maximum annual debt service coverage. Pledged revenues of $1.75 million covered maximum annual debt service by
