Standard&Poor's Ratings Services assigned its 'A' rating, and stable outlook, to Austin, Texas' series 2006 separate-lien water and wastewater system revenue refunding bonds. Standard&Poor's also affirmed its 'A' standard long-term rating and Standard&Poor's underlying rating (SPUR), and stable outlook, on the city's parity debt. The ratings continue to reflect the city's: Service area, which is not concentrated in revenues derived from its principal customers and continues to exhibit steady customer growth and very solid overall income levels despite the Austin MSA's economic challenges due to a modest recovery in the IT sector's economic slump; Water supply agreement with Lower Colorado River Authority that effectively secures a 100-year water supply at a reasonable cost; and
