NY -- Standard&Poor's CreditWire 1/28/98 -- Standard&Poor's today assigned its double-'A' rating to Austin, Texas' $85 million G.O. refunding bonds series 1998. Additionally, Standard&Poor's affirmed its double-'A' rating on the city's outstanding G.O. bonds. The rating reflects a local economy diversified by a large government, growing high tech manufacturing and service sector presence, strong growth of the significant $20 billion tax base, and sound financial operations. Mitigating factors include growth pressures resulting in a high debt burden, significant future debt needs, and an increased property tax rate despite strong property tax base growth and strong growth in sales tax revenue. Austin is the state capital and is centrally located in the southeastern part of
