...July 1, 2024 SAN FRANCISCO (S&P Global Ratings) July 1, 2024--S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s anticipated $154.7 million 2024 series A second-lien water system revenue refunding bonds, issued for the city's water system. At the same time, we affirmed our '##+' rating on the city's outstanding senior-lien revenue bonds and our '##' rating on the city's second-lien parity bond debt. The outlook is stable. "The rating reflects our view of Portland's plentiful water supply and storage, comprehensive financial policies, conservative forecasting, and well-defined rate plans," said S&P Global Ratings credit analyst Chloe Weil. "These factors indicate that the water bureau's financial metrics should remain supportive of the current rating level despite the rapid escalation in planned capital spending during the next decade," Ms. Weil added. The bonds are being issued to refund all or a portion of the city's outstanding 2014 series A bonds for debt service...
