...S&P Global Ratings lowered its rating on Austin, Texas' series 2008 water and wastewater system variable-rate revenue refunding bonds to 'A/A-1' from 'A+/A-1'. The rating action reflects our assessment of the replacement of the letter of credit (LOC) provided by Citibank N.A. with a new LOC provided by Barclays Bank PLC , effective Oct. 30, 2018. The long- and short-term components of the rating reflect our long- and short-term ratings on Barclays Bank PLC, the LOC provider. The LOC will only cover the bonds while in the weekly interest-rate mode (the rated mode). The LOC covers the entire principal amount and accrued interest for 50 days at the maximum rate of 12%. The interest component reinstates on the fifth business day following an interest drawing. Should the paying agent receive notice of an event of default under the reimbursement agreement, the bank will direct the paying agent to declare a mandatory tender on the bonds, draw under the facility, and use proceeds to pay bondholders....
