The 'A' rating on the City of Orlando, Fla.'s parking facilities refunding revenue bonds series 2004, issued for the city's parking system, reflects the following: The benefits of a diverse pledge of revenues securing the bonds, including net proceeds from seven garages (3,615 spaces), five surface lots (1,240), on-street metered spaces (986), and net income from parking violations--the first $1.5 million of proceeds of the city's occupational license tax (OLT) is also pledged to the bonds; however, this pledge is currently subject to release if certain tests are met; Exclusive control over the development of new parking spaces within the city's parking district and city control of 60% of available parking spaces within the downtown area; Solid pro forma coverage...
Companies mentioned in this report are: Orlando
Action: New Rating
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
READ MORE >
Note: Product cover images may vary from those shown