Summary: Portland, Oregon; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s $726.6 million series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Bull Run Treatment Program project.) The outlook is stable. Portland is entering into the WIFIA loan to finance up to 49% of a corrosion control facility, pipeline project, and filtration facility, which together comprise the Bull Run Treatment Program. The project is driven by regulatory mandate, and the new filtration facility is expected to be operational by September 2027. The program is intended to remove the micro-organism cryptosporidium and other potential contaminants from the city's existing Bull Run water supply. The city expects to fund the remainder of program costs through the issuance of $662 million

...S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s $726.6 million series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Bull Run Treatment Program project.) The outlook is stable. Portland is entering into the WIFIA loan to finance up to 49% of a corrosion control facility, pipeline project, and filtration facility, which together comprise the Bull Run Treatment Program. The project is driven by regulatory mandate, and the new filtration facility is expected to be operational by September 2027. The program is intended to remove the micro-organism cryptosporidium and other potential contaminants from the city's existing Bull Run water supply. The city expects to fund the remainder of program costs through the issuance of $662 million of revenue bonds and a $134 million equity contribution. The capital costs for the entire program is $1.48 billion, including a $410 million contingency. The WIFIA loan will be on parity with $295.3 million...

Summary