ENGLEWOOD (S&P Global Ratings) Dec. 23, 2024--S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s series 2025A and 2025B second-lien sewer system revenue and refunding bonds, with preliminary par amounts of $422.4 million and $86.7 million, respectively. At the same time, we affirmed our 'AA+' rating on the city's outstanding first-lien sewer system revenue bonds and our 'AA' rating on its outstanding second-lien sewer system revenue bonds. The outlook is stable. "The sewer system's credit quality reflects its resilient financial profile, with stable historical all-in coverage, robust liquidity, and manageable leverage," said S&P Global Ratings credit analyst Randy Layman. The 2025 bonds are secured by a second lien on the net revenue of the sewer system, subordinate only
