Standard&Poor's Ratings Services affirmed its 'A-' Standard&Poor's underlying rating (SPUR), and stable outlook, on Austin, Texas' town lake park community events center venue project bonds. The SPUR reflects: A diversified regional economy that has exhibited strong growth in employment and income levels over the past decade; A sound 1.46x maximum annual DSC based on fiscal 2003 revenues; and The strong legal provisions, including a closed lien on pledged revenues, offsetting a narrow revenue stream. Recent substantial declines in the pledged motor vehicle rental tax, which has reduced debt service coverage (DSC), mitigate these strengths. A pledge of a special motor vehicle rental tax set at 5% of gross revenues, parking revenues, and Town Lake event center
