NY -- Standard&Poor's CreditWire 8/1/97 -- Standard&Poor's today has assigned its single-'A' rating to Austin, Texas' $223.68 million combined utility systems revenue refunding bonds series 1997 due Nov. 15, 2019. The outlook on the city's bonds is revised to stable from negative. The rating reflects Austin's combined utility's historically strong financial performance, diverse service area economy, and strong legal provisions. The outlook revision reflects Standard&Poor's belief that the city will implement its strategy for becoming more competitive over the next 10 years. The change in outlook also reflects management's recent success in signing contracts with three of the electric utility's largest customers. Furthermore, as the Texas legislature did not pass legislation related to retail
