S&P Global Ratings assigned its 'A+' long-term rating to Austin, Texas' approximately $230.3 million series 2025 airport system revenue refunding bonds. We also affirmed our 'A+' long-term rating on Austin's existing airport revenue bonds. We also affirmed our 'A' long-term rating on the city's hotel revenue bonds issued for Austin-Bergstrom Landhost Enterprises Inc. (ABLE). 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 to 1.25x prior-lien bond and revenue bond debt service. Net hotel revenues secure the hotel revenue bonds on
