Standard&Poor's Ratings Services changed its rating on Austin, Texas' airport system refunding revenue bonds, series 2005 (AMT), subseries 2005-3, to 'AAA/A-1+' from 'AAA/A-2' following the substitution of a letter of credit (LOC) provided by State Street Bank and Trust Company (AA-/A-1+) and the application of joint criteria assuming low correlation between the airport system ('A' underlying rating, or SPUR) and the LOC provider. The long-term component of the rating reflects the higher of the joint rating of the obligor and the LOC provider or Assured Guaranty (AA-) based on an existing bond insurance policy. The short-term rating solely reflects the LOC provider's short-term rating. The LOC provides coverage for payments of regularly scheduled principal and interest as well
