...Standard & Poor's Ratings Services revised to stable from positive its outlook and affirmed its '##' long-term rating and underlying rating (SPUR) on Austin, Texas' separate-lien water and wastewater system debt and the 'A+' rating on the system's special assessment bonds. We also assigned an '##' rating and stable outlook to Austin's' series 2015A and 2015B taxable water and wastewater system revenue refunding bonds. In addition, we raised to '##+' from '##' our rating on the prior first-lien combined electric, water, and wastewater revenue bonds. The outlook is stable. The upgrade reflects our opinion of the extremely strong debt service coverage, which we view as sustainable given that all prior first-lien debt will be repaid by fiscal 2019. The outlook revision for the separate-lien debt is based on our view that the utility's financial metrics are not yet commensurate with those of '##+' rated systems. While we acknowledge management's commitment, for example, to building and maintaining...
