Standard&Poor's Ratings Services assigned its 'AA+' standard long-term rating, and stable outlook, to Austin, Texas' series 2007 public property finance contractual obligations, series 2007 public improvement bonds, and series 2007 certificates of obligation and affirmed its 'AA+' standard long-term rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, on the city's parity GO debt. The ratings reflect the city's: Strong and diverse economic base, anchored by state government and higher education; Significant high-tech manufacturing industry and expanding service sector; Strong financial performance and position with institutionalized controls that govern the use of general fund reserves; Improved revenue flexibility, which management has achieved through an increase in capital expenditures funded with operating revenues; and Moderate and
