Standard&Poor's Ratings Services assigned its 'A+' standard long-term rating to Austin, Texas' series 2008 variable-rate revenue refunding bonds. The bonds are on parity with the separate-lien water and wastewater system revenue bonds. The rating reflects the general creditworthiness of the system, doing business as Austin Water Utilities, including: Service area, which is not concentrated in revenues derived from its principal customers and continues to exhibit steady customer growth and very solid overall wealth and income levels; Water supply agreement with Lower Colorado River Authority that in 1999 effectively secured a 100-year water supply at a reasonable cost; and Demonstrated willingness to adjust rates to help fund a capital improvement plan (CIP) that will continue to pressure rates further.
