Standard&Poor's Ratings Services assigned its 'A' rating, and stable outlook, to Austin, Texas' $177.4 million series 2004A separate-lien water and wastewater system revenue refunding bonds. Standard&Poor's also affirmed its 'A' Standard&Poor's underlying rating (SPUR) on roughly $787.5 million of the city's parity debt outstanding. The ratings continue to reflect the city's: Water supply agreement with Lower Colorado River Authority that effectively secures a long-term water supply at a reasonable cost; Service area, which is not concentrated in revenues derived from its principal customers and continues to exhibit steady customer growth and very good overall income levels despite the Austin MSA's economic stagnation since the IT sector's economic slump; and Demonstrated willingness to adjust rates
