...DALLAS (Standard & Poor's) July 1, 2015--Standard & Poor's Ratings Services said it revised to stable from positive its outlook and affirmed its '##' long-term rating and underlying rating (SPUR) on Austin, Texas' water and wastewater system debt and the 'A+' rating on the system's special assessment bonds. We also assigned an '##' rating and stable outlook to Austin's' series 2015A and 2015B taxable water and wastewater system revenue refunding bonds. In addition, we raised we raised to '##+' from '##' our rating on Austin's prior first-lien combined electric, water, and wastewater revenue bonds. The outlook is stable. "The outlook revision is based on our view that the utility's financial metrics are not yet commensurate with those of '##+' rated systems," said Standard & Poor's credit analyst Theodore Chapman. The upgrade of the combined debt reflects our opinion of the extremely strong debt service coverage, which we view as sustainable given that all prior first-lien debt will be repaid...
