DALLAS (Standard&Poor's) July 10, 2002 – Standard&Poor's has assigned its single-'A'-minus rating to the $180.29 million Austin, Texas electric utility system revenue refunding bonds series 2002A due Sept. 30, 2017. The outlook is positive. The bonds are scheduled to sell on July 15. The rating reflects progress in debt restructuring, sound operating reserves, stable rates, a lack of exposure to volatile market prices, and solid debt service coverage. The bonds are secured by a pledge of the electric system's net revenues, and are subordinate to about $1.1 billion in combined utility debt secured by the city's electric, water, and sewer systems. Austin Energy, the city-owned electric utility, is a vertically integrated utility that serves 350,000 customers
