Standard&Poor's Ratings Services assigned its 'A+' rating to Portland, Ore.'s 2005 first-lien sewer revenue refunding bonds and affirmed its 'A+' underlying rating (SPUR) on the system's existing first- and second-lien debt, reflecting: A very large system, which services the Portland-Vancouver economy; A strong, professional management team with solid planning standards to ensure financial flexibility in the face of a sizable capital program; and Sustained strong historical coverage of annual debt service and strong projected coverage, with the implementation of planned rate increases and some future use of a rate stabilization fund. Tempering factors include: A large but well-planned capital improvement plan (CIP) totaling $916 million over the next six years; High sewer rates, which are projected to continue
