Standard&Poor's Ratings Services assigned its 'AA' long-term rating and stable outlook to Austin, Texas' series 2011 water and wastewater system revenue refunding bonds. We also affirmed the 'AA' long-term rating and underlying rating (SPUR) on the parity separate-lien debt of the system, which does business as Austin Water Utility (AWU). The outlook is stable. The ratings reflect the system's general creditworthiness, including its: Service area, which is not concentrated in revenues derived from its principal customers and continues to exhibit steady customer growth and very solid wealth and income levels; Water supply agreement with Lower Colorado River Authority in 1999, effectively securing a 100-year water supply at a reasonable cost, and which has not been interrupted even during
