...S&P Global Ratings raised its underlying rating on the City of Austin, Texas' rental car special facility revenue bonds, taxable series 2013 to 'A' from 'A-'.The outlook is stable. The upgrade reflects the application of S&P Global Ratings' updated rating criteria, "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises", published March 12, 2018. The rating reflects our opinion of the rental car facility's strong enterprise risk and financial risk profiles. The enterprise risk profile reflects our view of the facility's strategic location and positive demand trends that we expect will remain generally stable. The exposure of rental car activity levels to cyclicality, because demand is tied to business travel and tourism, as well as competition from transportation network companies (TNCs), which we believe could somewhat constrain rate-setting flexibility, partially offset the enterprise risk profile's strength. The financial risk profile encompasses sound debt service...
