Standard&Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to Austin, Texas' $21.830 million series 2004 public property finance contractual obligations, $25.925 million series 2004 certificates of obligation, $2.430 million series 2004A taxable public improvement refunding bonds, and $67.835 million series 2004 public improvement and refunding bonds. The rating reflects the city's: Strong and diverse economic base, anchored by state government and higher education; Significant high-tech manufacturing industry and an expanding service sector; Strong financial management and position despite recent budget shortfalls in sales tax revenues; and Moderate and decreasing overall debt levels, coupled with a manageable capital improvement plan and rapid debt amortization. Offsetting credit factors include the city's: Increased general fund reliance on transfers from
