Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portland, Ore.'s approximately $100 million series 2014A first-lien sewer system revenue refunding bonds. Standard&Poor's also assigned its 'AA-' long-term rating to the city's nearly $200 million series 2014B second-lien sewer system revenue bonds. Finally, Standard&Poor's affirmed both its 'AA' long-term and underlying rating SPUR) on the city's outstanding first-lien sewer system revenue bonds and its 'AA-' long-term rating and SPUR on the city's outstanding second-lien sewer system revenue bonds. The outlook is stable. Both ratings are supported, in our view, by the system's: Broad service area, which anchors the larger Portland regional economy; Very diverse customer base, with low concentration in any one customer; Completion
