Summary: Orlando, Florida; General Obligation Aug 09

Standard & Poors, August 2009

Abstract
Standard & Poor's Ratings Services has assigned its 'AA-' long-term rating to Orlando, Fla.'s capital improvement special revenue bonds series 2009A, capital improvement refunding special revenue bonds series 2009B, and taxable capital improvement special revenue bonds (Direct Subsidy Build America Bonds) series 2009C and 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 city's: Strong and stable underlying credit quality, in our view; 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; Consistently strong reserve levels; Covenant ordinance and other executing documents, which in our view...

Companies mentioned in this report are: Orlando
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Orlando

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