S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s anticipated $154.7 million 2024 series A second-lien water system revenue refunding bonds, issued for the city's water system. At the same time, we affirmed our 'AA+' rating on the city's outstanding senior-lien revenue bonds and our 'AA' rating on the city's second-lien parity bond debt. The outlook is stable. The bonds are secured by a second lien on net revenue from the city's water system, which is managed by the city's water bureau. The bonds are being issued to refund all or a portion of the city's outstanding 2013 series A bonds and 2014 series A bonds for debt service savings; the transaction also involves the release of $15
