Austin, TX Series 2013 Rental Car Facility Revenue Bond Rating Raised To 'A' From 'A-' On Application Of Criteria

CENTENNIAL (S&P Global Ratings) Nov. 30, 2018--S&P Global Ratings raised its rating on the City of Austin, Texas' rental car special facility revenue bonds, taxable series 2013 to 'A' from 'A-'. The outlook is stable. The upgrade reflects the application of S&P Global Ratings' updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises", published March 12, 2018. "The rating reflects our opinion of the rental car facility's strong enterprise risk and financial risk profiles," said S&P Global Ratings credit analyst Ken Biddison. The enterprise risk profile reflects our view of the facility's: Strong market position; Extremely strong service area economic fundamentals; Low industry risk relative to that of other industries and sectors; and Very strong management and governance. The

...CENTENNIAL (S&P Global Ratings) Nov. 30, 2018--S&P Global Ratings raised its rating on the City of Austin, Texas' rental car special facility revenue bonds, taxable series 2013 to 'A' from 'A-'. The outlook is stable. The upgrade reflects the application of S&P Global Ratings' updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises", published March 12, 2018. "The rating reflects our opinion of the rental car facility's strong enterprise risk and financial risk profiles," said S&P Global Ratings credit analyst Ken Biddison. The enterprise risk profile reflects our view of the facility's: + Strong market position; + Extremely strong service area economic fundamentals; + Low industry risk relative to that of other industries and sectors; and + Very strong management and governance. The financial risk profile reflects our view of the facility's: + Adequate financial performance; + Strong debt and liabilities capacity; and...

Ratings Action