Standard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Austin, Texas' series 2005 Town Lake Park community events center venue project refunding bonds, issued for the Town Lake Park community events center venue project. The rating reflects: Austin's diversified regional economy, which has exhibited strong growth in employment and income levels over the past decade; Sound 1.44x maximum annual debt service (MADS) coverage based on fiscal 2004 motor vehicle rental tax revenues; and Strong legal provisions, featuring 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
