Standard&Poor's Ratings Services lowered its long-term rating to 'AA-' from 'AA' on Portland, Ore.'s second-lien sewer system revenue bonds. At the same time, Standard&Poor's assigned its 'AA-' long-term rating to the city's 2013 series A second lien sewer system revenue and refunding bonds. Finally, Standard&Poor's affirmed its 'AA' long-term rating on the city's first-lien sewer system revenue bonds. The outlook on all ratings is stable. The lowered rating on the second lien bonds is based on our view of the system's lower debt service coverage of combined first and second lien debt in fiscal years 2011 and 2012, as calculated by Standard&Poor's based on audited financial statements. Liquidity has also declined during
