Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to the city of Portage, Mich.'s series 2010 Michigan Transportation Fund (MTF) refunding bonds and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing MTF debt. The rating reflects the city's pledge of up to 50% of total gas and weight taxes received by the city from the state during the most recent fiscal year-end June 30, 2009, according to state law Act 175, Public Acts of Michigan, 1952, as amended. The maximum annual amount of debt service equals 42% of the MTFs received by the city during the previous fiscal year. The city is issuing the bonds pursuant
