SAN FRANCISCO (S&P Global Ratings) Nov. 2, 2020--S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s $223.8 million series 2020A second-lien sewer system revenue bonds. At the same time, we affirmed the 'AA+' rating on the city's existing first-lien sewer system revenue bonds and the 'AA' rating on the city's existing second-lien sewer system revenue bonds. The outlook is stable. "The ratings reflect our opinion of the sewer system's very strong enterprise and financial risk profiles," said S&P Global Ratings credit analyst Chloe Weil. The rating further reflects: The underlying economic strength, diversity, and wealth of the customer base; The system's multiyear rate schedules, which promote cost recovery and revenue stability; Comprehensive asset management practices, which we consider
