SAN FRANCISCO (Standard&Poor's) Oct. 14, 2004--Standard&Poor's Ratings Services assigned its 'A+' rating to Portland, Ore.'s 2004 first lien sewer revenue and revenue refunding bonds (series 2004A and 2004B) and affirmed its 'A+' rating on the system's existing first and second lien debt, based on the system's stable financial performance, strong coverage of annual debt service, and professional management, tempered by a large capital improvement plan. The outlook is stable. "Portland's financial operations remain solid," Standard&Poor's credit analyst Rob Williams said. "We expect this financial performance to continue, along with professional management of the system's large capital improvement plan, which should lead to continued healthy coverage of outstanding and anticipated sewer debt." The bonds are
