Summary: Austin, Texas; Joint Criteria

S&P Global Ratings affirmed its 'AA+/A-1' rating on Austin, Texas' series 2008A hotel-occupancy-tax subordinate-lien variable-rate revenue refunding bonds and series 2008B hotel-occupancy-tax subordinate-lien variable-rate revenue refunding bonds. This action reflects the Oct. 12, 2017, replacement of the existing letter of credit (LOC) provided by JPMorgan Chase Bank N.A. with a new LOC provided by Citibank N.A. for series 2008A and a new LOC provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, for series 2008B. The long-term component of the dual rating reflects the joint support of the respective LOC providers and the underlying rating (SPUR) on Austin's debt, assuming a low correlation. The short-term component of the rating solely reflects the short-term rating on the respective

...S&P Global Ratings affirmed its '##+/A-1' rating on Austin, Texas' series 2008A hotel-occupancy-tax subordinate-lien variable-rate revenue refunding bonds and series 2008B hotel-occupancy-tax subordinate-lien variable-rate revenue refunding bonds. This action reflects the Oct. 12, 2017, replacement of the existing letter of credit (LOC) provided by JPMorgan Chase Bank N.A. with a new LOC provided by Citibank N.A. for series 2008A and a new LOC provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, for series 2008B. The long-term component of the dual rating reflects the joint support of the respective LOC providers and the underlying rating (SPUR) on Austin's debt, assuming a low correlation. The short-term component of the rating solely reflects the short-term rating on the respective LOC providers. Pursuant to bond document terms, the trustee is directed to first pay principal, interest, and the redemption price from amounts received from draws made on the LOC....

Summary