Summary: Portland, Oregon; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s $163.6 million 2021 series B bonds issued for the city water system. At the same time, we affirmed our rating on the city's outstanding second lien parity debt. The outlook is stable. Proceeds will be used to fund upcoming water system capital needs and refund all or a portion of the series 2011A bonds for debt service savings. The series 2021B bonds are secured by a second lien on net revenue from the city's water system. The bonds are subordinate to $246.5 million of first lien revenue bonds and are on parity with $481.9 million of second lien bonds, as well as a $726.6 million Water Infrastructure Finance and

...S&P Global Ratings assigned its '##' long-term rating to Portland, Ore.'s $163.6 million 2021 series B bonds issued for the city water system. At the same time, we affirmed our rating on the city's outstanding second lien parity debt. The outlook is stable. Proceeds will be used to fund upcoming water system capital needs and refund all or a portion of the series 2011A bonds for debt service savings. The series 2021B bonds are secured by a second lien on net revenue from the city's water system. The bonds are subordinate to $246.5 million of first lien revenue bonds and are on parity with $481.9 million of second lien bonds, as well as a $726.6 million Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Bull Run Treatment Program project) loan agreement executed on Feb. 2, 2021 which has not been drawn upon at this time. Key bond provisions include a rate covenant and additional bonds test set at a combined 1.1x on first- and second-lien bonds, excluding rate stabilization...

Summary