S&P Global Ratings assigned its 'AA' long-term rating to Portland, Ore.'s series 2025A and 2025B second-lien sewer system revenue and refunding bonds, with preliminary par amounts of $422.4 million and $86.7 million, respectively. At the same time, we affirmed our 'AA+' rating on the city's outstanding first-lien sewer system revenue bonds and our 'AA' rating on its outstanding second-lien sewer system revenue bonds. The outlook is stable. The 2025 bonds are secured by a second lien on the net revenue of the sewer system, subordinate only to the pledge on the first-lien bonds. We view the bond provisions as credit neutral. Key bond provisions include a rate covenant set at 1.0x annual debt service on first- and second-lien bonds (excluding
