Standard&Poor's Ratings Services revised its rating on Austin, Texas' airport system refunding revenue bonds series 2005 to 'AAA/A-1+' from 'AAA' following the addition of a liquidity facility provided by Dexia Credit Local (AA/A-1+) and the conversion from the auction-rate mode. The long-term component of the rating is based on a bond insurance policy provided by Financial Security Assurance Inc. (AAA), which represents the likelihood that debt service will be paid over the life of the issue. The short-term component of the rating represents the likelihood of payment of tenders and reflects a liquidity facility, which is a standby bond purchase agreement (SBPA) provided by Dexia Credit Local (A-1+). The SBPA provides for a maximum of 35 days' interest
