Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Austin, Texas' airport system refunding revenue bonds, series 2005 (AMT), subseries 2005-1 and 2005-2, based on a joint obligation between the Austin, Texas airport system ('A' underlying rating, or SPUR) and JPMorgan Chase Bank (A+/A-1). At the same time, we affirmed our 'AAA/A-2' rating on subseries 2005-3 based on a joint obligation between the airport system and KBC Bank N.V. (A-/A-2) and our 'AAA/A-1+' rating on subseries 2005-4 based on a joint obligation between the airport system and RBC Bank (AA-/A-1+). The rating on subseries 2005-3 will be changed based on an alternate letter of credit to be provided by State Street Bank and Trust Company (AA-/A-1+) on the effective
