...April 30, 2021 SAN FRANCISCO (S&P Global Ratings) April 30, 2021--S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s $163.6 million 2021 series B bonds issued for the city water system. The outlook is stable. "The rating further reflects our view of the city's demonstrated ability and willingness to increase rates to fund its capital improvement plan, sound projected financials, and extremely strong liquidity," said S&P Global Ratings credit analyst Chloe Weil. Management indicates the 2021 series B bond proceeds will be used to fund upcoming water system capital needs and refund all or a portion of the series 2011 series A bonds for debt service savings. The series 2021 bonds are secured by a second lien on net revenue from the city's water system. The bonds are subordinate to $246.5 million of first lien revenue bonds and are on parity with $481.9 million of second lien bonds, as well as a $726.6 million Water Infrastructure Finance and Innovation Act (WIFIA) loan...
