Orlando Utilities Commission, FL's Water & Electric System Revenue Bonds Rated 'AA' May 04
Standard & Poors, May 2004
Abstract
NEW YORK (Standard & Poor's) May 5, 2004?Standard & Poor's Ratings Services assigned its 'AA' rating to Orlando Utilities Commission (OUC), Fla.'s $240 million water and electric system revenue bonds series 2004. The bonds are on parity with all OUC debt outstanding following the achievement of bondholder consent of the general resolution in 2003. The rating reflects OUC's consistently strong financial performance, with debt service coverage levels above 2.00x and coverage of total fixed obligations after transfers measuring more than 1.45x; substantial cash reserves, with well-defined policies governing their use; competitive rates; a diverse power supply mix, with ownership interest in fossil steam, combustion turbine, and nuclear plants, as well as the use of purchased power contracts; a strong and...
Companies mentioned in this report are:
- Orlando Utils Comm
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Orlando Utils Comm
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