Standard&Poor Ratings Services assigned its 'A-1' short-term rating to Austin, Texas' series A combined utility systems commercial paper (tax-exempt CP) notes and combined utility systems taxable (taxable) CP notes. The ratings are based on the short-term issuer credit rating (ICR) on the providers of the two irrevocable letters of credit (LOCs) supporting the notes. The LOC provided by Bank of Tokyo-Mitsubshi UFJ, Ltd. ('A-1') will support only the tax-exempt CP notes and may be drawn on for $435.5 million, while the LOC provided by Citibank N.A. ('A-1') will support only the taxable CP notes and may be drawn on for $53.7 million. The LOCs cover all principal and 270 days of interest on maturing CP at the maximum
