...April 21, 2023 SAN FRANCISCO (S&P Global Ratings) April 21, 2023--S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s anticipated $435.5 million 2023 series A second-lien sewer system revenue bonds. At the same time, we affirmed our '##+' rating on the city's outstanding first-lien sewer system revenue bonds and our '##' rating on the city's outstanding second-lien sewer system revenue bonds. The outlook is stable. "The rating reflects our view of the sewer system's stable historical financial performance coupled with its upcoming rate plans, indicating its financial metrics will remain consistently strong even as system leverage grows by almost $1 billion during the next five years," said S&P Global Ratings credit analyst Chloe Weil. "While the system's very strong liquidity position buffers it from inflationary risks and other economic pressures, we consider its all-in coverage of less than 1.5x relatively thin compared to its rating-level peers," Ms. Weil added....
