Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A' on the City of Austin, Texas' series 2008A and 2008B hotel occupancy tax (HOT) subordinate-lien variable-rate revenue refunding bonds outstanding, as well as the city's series 2012 HOT subordinate-lien revenue refunding bonds. The upgrade is due to our view of the change in the lien position of the bonds, upon delivery of the city's series 2013 revenue refunding bonds. At the same time, Standard&Poor's assigned its 'A' long-term rating to the city's series 2013 revenue refunding bonds. The outlook is stable. The ratings reflect our view of: Austin's diversified regional economy (AAA/Stable general obligation GO rating), which has exhibited strong growth in the tourism
