Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Austin, Texas' series 2008B hotel occupancy tax subordinate-lien variable-rate revenue refunding bonds. The rating is based on the application of joint criteria (assuming low correlation) between the underlying bonds (A) and the substitute letter of credit (LOC) provider, JPMorgan Chase Bank N.A. (A+/A-1). The LOC provides 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 it is extended according to its terms. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
