Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Orlando, Fla.'s series 2008A capital improvement special revenue bonds. At the same time, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) on the city's related parity debt and its 'AA' issuer credit rating (ICR) on the city. The 'AA-' rating reflects the: Very strong underlying credit quality of the city; Covenant by the city to budget and appropriate available non-ad valorem revenues attributable to its general and utilities services tax funds to pay debt service on the bonds; Very strong reserve levels; Strong legal provisions of the covenant ordinance and other executing documents, including conservative antidilution test limitations and stabilization reserve account requirements; and Importance of...
Companies mentioned in this report are: Orlando
Action: New Rating
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Research Type: Full Analysis