Standard & Poor's Ratings Services has assigned its 'AA' rating to Orlando Utilities Commission (OUC), Fla.'s, utility system revenue refunding bonds series 2011B. In addition, Standard & Poor's affirmed its 'AA' long-term and underlying ratings on OUC's parity debt obligations outstanding. The outlook is stable. The ratings reflect what we believe to be the following credit strengths: Consistently strong financial performance and substantial cash reserves, with what well-defined policies governing their use; 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; Rates that are below average as measured against most of Florida's investor-owned utilities and comparably sized municipal utilities; and A service area that...
Companies mentioned in this report are:
- Orlando Utils Comm
Action: New Rating
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Research Type: Full Analysis