Standard&Poor's Ratings Services assigned its 'A-' rating to Austin, Texas' airport system revenue refunding bonds, series 2005, and affirmed its 'A-' underlying rating (SPUR) on the city's prior-lien bonds outstanding, issued for Austin-Bergstrom International Airport (ABIA). The rating reflects the airport's strong origin and destination market and modest future capital plans, offset by high airline costs and moderately high debt per enplaned passenger levels. More specifically, the rating is based on the following factors: The airport has a strong origin and destination market (more than 90%) and good diversity of carriers, with Southwest, American, and Continental accounting for a combined 74% of enplanements in 2004. Growth in enplanements has been solid, with passenger traffic increasing an average annual
