DALLAS (Standard&Poor's) Aug. 17, 2004-- Standard&Poor's Ratings Services raised the rating on Austin, Texas' separate-lien water and wastewater system utility debt outstanding, which is on parity with the series 2004 bonds, one notch to 'A' from 'A-'. Standard&Poor's simultaneously raised the rating on Austin's prior first-lien combined electric, waterworks, and sanitary sewer system revenue bonds outstanding--which are senior to the separate-lien water and sewer revenue bonds, the separate-lien electric system revenue bonds, and the prior subordinate-lien combined utility revenue bonds, all of which were also raised to 'A' from 'A—'--one notch to 'A+' from 'A'. The rating agency also assigned its 'A' rating, and stable outlook, to the city's $132.475 million series 2004 water
