...S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s $223.8 million series 2020A second-lien sewer system revenue bonds. At the same time, we affirmed the '##+' rating on the city's existing first-lien sewer system revenue bonds and the '##' rating on the city's existing second-lien sewer system revenue bonds. The ratings reflect our opinion of the sewer system's very strong enterprise and financial risk profiles. The outlook is stable. The series 2020A bonds are being issued to fund 20 months of capital projects. Following this transaction, the sewer system will have $304.3 million of first-lien bonds and $1.2 billion of second-lien bonds. The sewer system also has $9.1 million of state loans outstanding that are subordinate to first- and second-lien debt. A very strong enterprise risk profile and a very strong financial risk profile map to an indicative rating in our revenue debt criteria matrix of '##/##,' and we have selected the '##' anchor based on the city's...
