SAN FRANCISCO (Standard&Poor's CreditWire) June 1, 2000--Standard&Poor's assigned its single-'A'-minus rating to Austin, Texas' $100 million water and wastewater system revenue refunding bonds series 2000. The bonds are scheduled to sell June 8, 2000. The outlook is stable. The rating reflects: -- A subordinate lien on net revenues of the water and wastewater system, junior to approximately $2 billion in combined utility system obligations; -- Liberal legal provisions including a permissive additional bonds test, which is a concern given the large capital plan; -- The acquisition of a 100-year water supply through an agreement signed in October 1999 with the Lower Colorado River Authority (LCRA); -- Solid projected debt service coverage of the combined lien obligations,
