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. The affirmation reflects our opinion of the replacement of the existing letter of credit (LOC) provided by UBS AG, acting through its Stamford branch, with a new LOC provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, effective June 25, 2024, during the weekly interest-rate mode (the rated mode). The long-term component of the rating reflects the application of joint criteria, assuming low correlation, between the underlying rating (SPUR) on Austin's debt and the LOC provider, Sumitomo Mitsui Banking Corp., acting through its New York branch. The long-term rating addresses our expectation of full and timely interest-and-principal payments when

...S&P Global Ratings affirmed its '##+/A-1' rating on Austin, Texas' series 2008A hotel-occupancy-tax subordinate-lien variable-rate revenue refunding bonds. The affirmation reflects our opinion of the replacement of the existing letter of credit (LOC) provided by UBS AG, acting through its Stamford branch, with a new LOC provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, effective June 25, 2024, during the weekly interest-rate mode (the rated mode). The long-term component of the rating reflects the application of joint criteria, assuming low correlation, between the underlying rating (SPUR) on Austin's debt and the LOC provider, Sumitomo Mitsui Banking Corp., acting through its New York branch. The long-term rating addresses our expectation of full and timely interest-and-principal payments when bondholders have not exercised the put option. The short-term component of the rating reflects the short-term issuer credit rating (ICR) on Sumitomo Mitsui Banking Corp.,...

Summary