...October 2, 2020 SAN FRANCISCO (S&P Global Ratings) Oct. 2, 2020--S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s $726.6 million series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Bull Run Treatment Program project.) The outlook is stable. Portland is entering into the WIFIA loan to finance up to 49% of a corrosion control facility, pipeline project, and filtration facility, which together comprise the Bull Run Treatment Program. The project is driven by regulatory mandate, and the new filtration facility is expected to be operational by September 2027. The program is intended to remove the micro-organism cryptosporidium and other potential contaminants from the city's existing Bull Run water supply. "The rating reflects our assessment of the water system's primary near-term risks, including, if construction costs for the Bull Run Treatment Program escalate considerably from current expectations, if operating margins are eroded due...
