DALLAS (Standard&Poor's) Dec. 1, 2008--Standard&Poor's Ratings Services raised its standard long-term rating on Austin, Texas' existing first-lien combined electric, water and wastewater revenue bonds to 'AA' from 'AA-', and its standard long-term rating and underlying rating (SPUR) on Austin's existing parity separate-lien water and wastewater revenue bonds to 'AA' from 'A+'. Standard&Poor's also assigned its 'AA' standard long-term rating to the city's $160 million series 2008A revenue refunding bonds. The outlook on the ratings is stable. The upgrades are based on management's demonstrated willingness to adjust rates as necessary to maintain what we view as a strong overall financial position, including good debt service coverage of all liens. The first and subordinate liens are
