Standard&Poor's Ratings Services raised its standard long-term rating on Austin, Texas' existing first-lien combined electric, water and wastewater revenue bonds to 'AA' from 'AA-', and its standard long-term rating and underlying rating (SPUR) on Austin's existing parity separate-lien water and wastewater revenue bonds to 'AA' from 'A+'. Standard&Poor's also assigned its 'AA' standard long-term rating to the city's $160 million series 2008A revenue refunding bonds. The upgrades are based on management's demonstrated willingness to adjust rates as necessary to maintain what we view as a strong overall financial position, including good debt service coverage of all liens. The first and subordinate liens are closed; management uses the separate lien as its working lien. The series 2008A
