SAN FRANCISCO (Standard&Poor's CreditWire) March 28, 2001--Standard&Poor's today assigned its single-'A'-minus rating to Austin, Texas' $153.05 million water and wastewater system revenue refunding bonds, series 2001A; and $73.6 million water and wastewater system revenue refunding bonds, series 2001B. The outlook is positive. In addition, Standard&Poor's affirmed its single-'A'-minus underlying rating (SPUR) on the city's series 2000 water and wastewater bonds. The rating reflects: ý-- The security of the subordinate lien on net revenues of the water and wastewater system, junior to approximately $1.9 billion in combined prior-lien utility system obligations; ý-- Liberal legal provisions, including a permissive additional bonds test, which is a concern given the large capital plan; ý-- The acquisition of a
