Standard&Poor's Ratings Services raised its rating on Austin, Texas' water and wastewater system variable-rate revenue refunding bonds series 2008 to 'A+/A-1' from 'A/A-1' based on a substitute direct-pay letter of credit (LOC) provided severally, but not jointly, by Sumitomo Mitsui Banking Corp (A+/A-1) and Bank of Tokyo (A+/A-1). The LOC will cover the bonds while they are in the weekly mode. The LOC will provide coverage for all payment of principal and interest on the bonds for debt service as well as provide liquidity in the event of a failed remarketing. The anticipated expiration date of the LOC is May 9, 2015, unless earlier terminated or extended according to its terms. Should the bonds convert to any mode
