NEW YORK (Standard&Poor's) Nov. 13, 2012--Standard&Poor's Ratings Services has raised its rating on the City of Austin, Texas' separate-lien electric utility system revenue bonds outstanding to 'AA-' from 'A+'. At the same time, Standard&Poor's assigned its 'AA-' rating to Austin's electric utility system revenue refunding bonds, series 2012A and 2012B. Standard&Poor's also affirmed its 'AA' underlying rating (SPUR) on the city's prior first-lien combined utility revenue bonds, which are secured by net revenues of electric, water, and sewer system revenues. The outlook is stable. "The upgrade reflects our view of Austin's financial forecast that takes into account recent budget actions, particularly a rate increase, that we expect will increase debt service coverage
