Standard&Poor's Ratings Services has affirmed its 'A' rating, with a stable outlook, on Austin, Texas' series 2005 vehicle rental tax fund refunding bonds, issued for the Town Lake Park community events center venue project. The rating reflects our opinion of Austin's: Deep and diverse regional economy, which continues to result in what we consider a stable demand on rental cars; Very strong 2.4x coverage of maximum annual debt service (MADS) based on fiscal 2012 motor vehicle rental tax revenues; and Very strong bond provisions, featuring a closed lien on pledged revenues. The nature of the revenue stream securing the bonds, which in our opinion is narrow and highly sensitive to changes in the economic cycle, is the main
