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Orlando, Florida; Appropriations; General Obligation; Miscellaneous Tax Feb 10
Standard & Poors, February 2010
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Orlando, Fla.'s series 2010A and 2010B capital improvement refunding special revenue bonds. At the same time, Standard & Poor's affirmed its 'AA-' long-term underlying rating (SPUR) on the city's related parity debt and its 'AA' issuer credit rating (ICR) on the city. The outlook is stable. The 'AA-' ratings reflect our view of the city's: Strong underlying credit quality; Covenant 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; Maintenance of very strong reserve levels, with the unreserved general fund balance at 23% of general fund expenditures for fiscal 2009; and Strong legal provisions...
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.
Research Type: Full Analysis