Standard&Poor's Ratings Services assigned its 'A+' rating to Portland, Ore.'s 2006 first-lien sewer revenue refunding bonds and 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 that services an economically rebounding Portland-area economy; Strong system management, planning standards, and reserves; Strong resident support to date for rate increases and a sizable capital program; and Consistently healthy historical coverage of annual debt service and adequate projected coverage, taking into account planned rate increases and use of a rate stabilization fund. Tempering factors include: The relative size of the capital improvement plan (CIP), totaling $850 million over the next five years; High system leverage, with
