Standard&Poor's Ratings Services raised its short-term rating on Austin, Texas' combined utility system commercial paper (CP) notes series A to 'A-1+' from 'A-1', following the substitution of the direct-pay letter of credits (LOCs), issued on a several, but not joint, basis by JPMorgan Chase Bank N.A. (AA-/A-1+), Bank of America (A+/A-1), and State Street Bank and Trust Co. (AA-/A-1+), with an alternate LOC being provided by JPMorgan Chase Bank N.A. The substitute LOC is sized to cover $50 million of principal plus up to 270 days of interest coverage at a 15% interest rate. The issuing and paying agent cannot issue CP in an amount that would exceed the amount available under the LOC. The substitute LOC is
