Standard&Poor's Ratings Services raised its rating on Austin, Texas' hotel occupancy tax subordinate-lien variable-rate revenue refunding bonds series 2008A to 'AAA/A-1+' from 'AAA/A-1'. At the same time, Standard&Poor's affirmed its 'AAA/A-1' rating on the series 2008B bonds. The ratings are based on the application of joint criteria (assuming low correlation) between the underlying bonds (A-) and the substitute letter of credit (LOC) providers, JPMorgan Chase Bank N.A. (AA-/A-1+) and Bank of America N.A. (A+/A-1) for series 2008A and 2008B, respectively. The LOCs provide coverage for payment of principal and interest on the bonds. The LOC provides for a maximum 48 days of interest coverage at 12% annually and will expire on July 25, 2014, unless extended
