...S&P Global Ratings raised its long-term rating on Portland, Ore.'s first-lien sewer system revenue bonds to '##+' from '##' and raised its long-term rating on the city's second-lien sewer system revenue bonds to '##' from '##-'. At the same time, we assigned our '##' long-term rating to the city's series 2019A second-lien sewer system revenue bonds. The ratings reflects our opinion of the sewer system's very strong enterprise and financial risk profiles. The outlook is stable. The upgrades reflect our view of the sewer system's improved liquidity position, which the city expects to sustain at levels that we consider extremely strong (exceeding one year's operations) over the upcoming five-year period. Furthermore, the system's strong financial planning provides additional support for the rating action. Management regularly communicates its strategic goals internally and to outside parties, and has a proven track record of meeting or exceeding its financial targets and objectives, and rate...
