S&P Global Ratings' long-term rating on Austin, Texas' airport revenue bonds, issued for Austin-Bergstrom International Airport (AUS), is 'A+'. Our rating on the city's hotel revenue bonds, issued for Austin-Bergstrom Landhost Enterprises Inc. (ABLE), is 'A'. The outlook on all ratings is stable. A first lien on the system's net revenues secures the airport revenue bonds. Bondholders benefit from a cash-funded debt service reserve, which is equal to average annual debt service requirements. The rate covenant requires net revenues and other available funds equal 1.25x prior-lien bond and revenue bond debt service. Net hotel revenues secure the hotel revenue bonds on a first-lien basis. However, pursuant to a grant agreement between the City of Austin and ABLE, surplus airport system
