Summary: Austin, Texas; Letter of Credit

Standard&Poor's Ratings Services 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'. This action reflects a new bond enhancement in the form of a direct-pay letter of credit (LOC) from Citibank N.A. (A/A-1), substituting LOCs severally provided by Sumitomo Mitsui Banking Corp. (A+/A-1) and Bank of Tokyo Mitsubishi UFJ Ltd. (A+/A-1). The long-term and short-term components of the rating on the bonds reflect the rating on Citibank N.A. The LOC substitution is scheduled for May 8, 2015. The 'A' long-term component of the rating also reflects our opinion of the likelihood that bondholders will receive interest and principal payments when due if they do not exercise their

...Standard & Poor's Ratings Services 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'. This action reflects a new bond enhancement in the form of a direct-pay letter of credit (LOC) from Citibank N.A. (A/A-1), substituting LOCs severally provided by Sumitomo Mitsui Banking Corp. (A+/A-1) and Bank of Tokyo Mitsubishi UFJ Ltd. (A+/A-1). The long-term and short-term components of the rating on the bonds reflect the rating on Citibank N.A. The LOC substitution is scheduled for May 8, 2015. The 'A' long-term component of the rating also reflects our opinion of the likelihood that bondholders will receive interest and principal payments when due if they do not exercise their put option. The 'A-1' short-term component of the rating reflects our opinion of the likelihood that bondholders will receive interest and principal payments when do if they do exercise their put option. The LOC will only cover the bonds...

Summary