DALLAS (Standard&Poor's) Feb. 22, 2012--Standard&Poor's raised its underlying rating (SPUR) on Austin, Texas' series 2008A and 2008B hotel occupancy tax subordinate-lien variable-rate revenue refunding bonds to 'A' from 'A-' based on the relatively strong performance of pledged revenues through the Great Recession. At the same time, Standard&Poor's assigned its 'A' long-term rating to the city's series 2012 hotel occupancy tax subordinate lien revenue refunding bonds (Connvention Center/Waller Creek Venue Project). The outlook is stable. The ratings also reflect: Austin's diversified regional economy ('AAA' GO rating), which has exhibited strong growth in the tourism and business related hospitality industry; Fiscal 2011 revenues that provide 2.2x coverage of maximum annual debt service (MADS); and Legal provisions
