NEW YORK (Standard&Poor's) Aug. 5, 2005--Standard&Poor's Ratings Services assigned its 'A-' rating to Austin, Texas' $306.225 million airport system revenue refunding bonds, series 2005, and affirmed its 'A-' underlying rating (SPUR) on the city's prior-lien bonds outstanding, issued for Austin-Bergstrom International Airport. The rating reflects the airport's strong origin and destination market and modest future capital plans, offset by high airline costs and moderately high debt per enplaned passenger levels. The outlook is stable based on the airport's continued recovery in the medium term from its recent declines in enplanements while maintaining solid cash flow debt service. Bond proceeds from this issue will be used to refund the airport's outstanding prior-lien airport system bonds, series 1995
