Standard&Poor's Ratings Services assigned its 'AA' long-term rating and positive outlook to Austin, Texas' series 2014 water and wastewater system revenue refunding bonds. We also affirmed the 'AA' long-term rating and underlying rating (SPUR) on the system's parity separate-lien debt and the 'A+' rating on the utility's special assessment bonds. The outlook is positive on all ratings. Last year, we revised the rating outlook to positive based on the expectation that the enhanced financial management policies adopted by the city would bolster the already-solid financial risk profile of the system, which does business as Austin Water Utility (AWU). While management had projected total debt service coverage (DSC) of all liens of at least 1.5x, recent actions have targeted
