Summary: Orlando Orange County Expressway Authority, FL Series 2003 Bonds Rating Lowered To ?AA-/A-2?; Toll Roads Bridges Jan 12
- Language: English
- Published: January 2012
The rating on Orlando, Fla.'s notes reflect: The city's covenant to budget and appropriate available non-ad valorem revenues attributable to its general fund and its utility services tax fund; Strong debt service coverage supplied by covenant revenues; Exceptionally strong legal provisions, including a very conservative additional bonds test; The importance of the city's covenant debt in providing the core capital for its internal loan program-the primary means of financing general capital projects; and The strong general creditworthiness of the city ('AA' issuer credit rating). The rating on the commercial paper (CP) notes additionally is based on full liquidity support provided under a credit agreement with Morgan Guaranty Trust Co., N.Y. The city is authorized to issue up to $50 million...
Companies mentioned in this report are: Orlando
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