...S&P Global Ratings assigned its '##+' long-term rating to Portland, Ore.'s $41.2-million 2022 series A first-lien water system revenue refunding 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. The 2022 series A bonds are being issued to refund all or a portion of the city's outstanding 2012 series A bonds for debt service savings. The 2022 series A bonds are secured by a first lien on net revenue from the city's water system. The bonds are parity to $231.9 million of first-lien revenue bonds and senior to $478.0 million of second-lien bonds, as well as to a $726.6-million Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Bull Run Treatment Program project) 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 1.25x for first lien bonds and a combined first- and second-lien...
