...S&P Global Ratings assigned its '##-' long-term rating to Portland, Ore.'s series 2018A second-lien sewer system revenue bonds. At the same time, we affirmed our '##' long-term rating on the city's existing first-lien sewer system revenue bonds and our '##-' long-term rating and underlying rating (SPUR) on the city's existing second-lien sewer system revenue bonds. The ratings reflect, in our opinion, the combination of a very strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. The series 2018A bonds are being issued to finance certain capital facilities and improvements to the city's sewer and stormwater system. The enterprise risk profile reflects our view of the system's: + Service area participation in the broad and diverse Portland-Vancouver-Hillsboro metropolitan area economy; + Strong market position based on affordable service rates, although it is weakened somewhat by the county's elevated poverty rate; + Very low industry risk as a monopolistic...
