Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Portland, Ore.'s series 2015A first-lien sewer system revenue refunding bonds. Standard&Poor's also assigned its 'AA-' long-term rating to the city's series 2015B second-lien sewer system revenue refunding bonds. We also affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's outstanding first-lien sewer system revenue bonds and our '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; History of raising rates annually to support increasing
