Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Austin, Texas' hotel occupancy tax subordinate-lien variable-rate revenue refunding bonds series 2008 to 'A-' from 'BBB+' based on the continued expansion of the revenue base and improved debt service coverage. Standard&Poor's also assigned its 'AAA/A-1+' rating to Austin, Texas' $119.3 million hotel occupancy tax subordinate-lien variable-rate revenue refunding bonds series 2008 based on the application of the low correlation joint criteria SPUR for Austin, Texas' hotel occupancy tax subordinate-lien variable-rate revenue bonds is 'A-' and the letter of credit (LOC) provider, Dexia Credit Local, is rated 'AA/A-1+'. The LOC provides coverage for payment of principal and interest on the bonds. The LOC provides for a maximum 35
