DALLAS (Standard&Poor's) Aug. 22, 2002--Standard&Poor's Ratings Services said today it assigned its double-'A'-plus rating to Austin, Texas' $99.6 million public improvement bonds, $34 million certificates of obligation, and $9.3 million contractual obligations all slated to sell on August 29. The rating is based on the city's stable and diverse economic base—and the expectation that city management will respond effectively to the current fiscal stress caused by economic contraction and the resulting sales tax shortfalls. Standard&Poor's also said it had affirmed its double-'A'-plus ratings on Austin's related outstanding debt. The outlook is stable. "Despite Austin's current fiscal stress, it's expected that city management will work to restore budgetary balance by either increasing general fund revenues
