SAN FRANCISCO (Standard&Poor's) May 4, 2006--Standard&Poor's Ratings Services assigned its 'A+' rating to Portland, Ore.'s $180 million 2006 first-lien sewer revenue refunding bonds and $90 million 2006 second-lien sewer revenue bonds, and affirmed its 'A+' underlying rating (SPUR) on the city's outstanding senior and subordinate debt, reflecting a large system with strong management and reserves and consistently healthy coverage of annual debt service. The outlook is stable. "Financial operations remain solid, with total unrestricted cash on hand at the end of fiscal 2005, including a rate stabilization and interest rate reserve, a strong $164 million, or 675 days' expenditures excluding debt service," said Standard&Poor's credit analyst Rob Williams. "In addition, historical debt service coverage
