Standard&Poor's Ratings Services affirmed its 'A-1' short-term rating on Austin, Texas' combined utility system commercial paper (CP) notes series A, following the substitution of the direct-pay letter of credit (LOC) issued on a several, but not joint, basis by JPMorgan Chase Bank N.A. (A-1), Bank of America (A-1), and State Street Bank&Trust Co. (A-1+) with a substitute LOC provided by JPMorgan Chase Bank N.A. and State Street Bank N.A. The LOC is sized to cover $50 million of principal plus up to 270 days of interest coverage at a 15% interest rate. The issuing and paying agent cannot issue CP in an amount that would exceed the amount available under the LOC. The LOC is scheduled
