NEW YORK (Standard&Poor's) May 20, 2010--Standard&Poor's Ratings Services corrected its ratings on Austin, Texas' series 2002A and 2006A electric utility system refunding bonds by revising the outlook to positive from stable. The bonds have an underlying rating (SPUR) of 'A+'. A bond insurance policy from AMBAC Assurance Corp. (R/--/--) guarantees the bonds. The public rating on these series of bonds, however, is currently based on the SPUR on the bonds. According to Standard&Poor's criteria, the rating on a fully credit-enhanced bond issuance is the higher of the rating on the credit enhancer and the SPUR on the bonds. On Nov. 19, 2008, Standard&Poor's lowered the ratings on AMBAC to 'A' from 'AA',
