Standard&Poor's Ratings Services affirmed its 'A+' Standard&Poor's underlying rating (SPUR), with a stable outlook, on Austin, Texas', doing business as Austin Energy, separate-lien electric system revenue refunding bonds. The SPUR reflects the electric system's: Diversified generation resource mix that consists of coal and efficient nuclear for base load, with the addition of a combined cycle unit in 2004 that allowed the city to subsequently retire older, less-efficient units; Competitive rates with a separate cost-recovery component that allows Austin Energy to true-up for fuel costs or purchased power costs; Solid combined debt service coverage (DSC) that is historically near or exceeding 2x on both prior- and working-lien revenue bonds; Very strong liquidity, including designated cash reserves that
