Standard&Poor's Ratings Services assigned its 'A+' ratings to the city of Austin, Texas' series 2011 subordinate-lien special assessment revenue bonds, issued for both the Whisper Valley Public Improvement District (PID) and Indian Hills Public Improvement District projects. The outlook is stable. While the noncallable bonds, maturing Dec. 1, 2015 and 2016, are first secured by the revenues derived from cost reimbursement agreements between Austin's water and sewer utility (Austin Water or the utility; separate-lien revenue bond rating is AA/Stable) and the developer of the two PIDs for certain approved utility infrastructure that will be installed by the developer, as well as a subordinate lien on PID assessments, we are rating to the strength of the utility's unconditional obligation
