S&P Global Ratings has affirmed its 'A' rating on the City of Austin, Texas' airport system outstanding revenue bonds. At the same time, S&P Global Ratings has affirmed its 'AA' rating on Austin's series 2005 variable-rate demand obligations, the latter following application of its joint criteria. The outlook is stable. The rating reflects our assessment of the following factors: A strong and growing service area economy that benefits from low unemployment rates and an increasing population; Strong enplanement growth averaging 6.4% from 2011-2015, which we expect will continue based on the existing and expected service; Strong financial profile, including strong debt service coverage and liquidity levels that we expect will continue. These strengths are offset by the airport's large yet
