The 'A+' rating on Portland, Ore.'s sewer system revenue bonds reflects: A very large system, which services the Portland-Vancouver economy; A strong management team; and Sustained strong historical coverage of annual debt service. Offsetting factors include a large, $857 million capital improvement plan and high sewer rates of $32.30/month, which are projected to increase in the near term. Portland owns, operates, and maintains the city's sanitary and stormwater collection system, which serves around 523,000 residents, primarily in Portland and Lake Oswego. The system has a large treatment capacity of 108 million gallons per day (mgd). The system's piping covers more than 2,240 miles. The system's capital improvement plan (CIP) requirements through fiscal 2005 are large at about $857 million. The
