NY -- Standard&Poor's CreditWire 9/10/97 -- Standard&Poor's today assigned its double-'A' rating to Austin, Texas' debt as follows: -- $29.295 million public improvement bonds series 1997; -- $13.975 million public property finance contractual obligations series 1997; and -- $2.120 million certificates of obligation series 1997. Standard&Poor's affirmed its double-'A' rating on the city's outstanding 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. Offsetting factors include growth pressures resulting in a high debt burden and significant future debt needs, and an increased property tax rate despite strong property tax base
