...S&P Global Ratings raised its underlying rating (SPUR) on the City of Austin, Texas' series 2008A and 2008B hotel occupancy tax (HOT) subordinate-lien variable-rate revenue refunding bonds and the city's series 2012 HOT subordinate-lien revenue refunding bonds outstanding to '##' from '##-'. At the same time, S&P Global Ratings raised its long-term rating on the city's series 2013 revenue refunding bonds to 'A+' from 'A'. The outlook on all bonds is stable. We base the upgrades on our view of continued economic growth and development within Austin, which has resulted in sustained coverage levels that we consider to be very strong. S&P Global Ratings also affirmed its '##+/A-1' ratings on Austin's series 2008A and 2008B HOT subordinate-lien variable-rate revenue refunding bonds, due to the bank facility being extended to Oct. 15, 2017. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, Austin, and the letter of credit provider,...
