LOS ANGELES -- Sunshine broke through the storm clouds that were gathering yesterday over the largest-ever financing for rainy Portland, Ore. -- $250 million of sewer system revenue bonds scheduled for pricing Tuesday.

Two rating agencies assigned above-average credit ratings to the bonds, despite apprehension over Measure 5, an initiative on the Nov. 8 statewide ballot that could require voter approval for rate increases/needed to pay bond debt service.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.