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S&P Corrects Orlando, FL, Wastewater System Series 2002 Revenue Bond Ratings To 'AA' May 10

  • ID: 1835423
  • May 2010
  • Standard & Poors
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NEW YORK (Standard & Poor's) May 5, 2010--Standard & Poor's Ratings Services has corrected by raising its long-term rating and its underlying rating (SPUR) on Orlando, Fla.'s wastewater system refunding revenue bonds, series 2002, to 'AA' from 'AA-'. The outlook is stable. A bond insurance policy from AMBAC Assurance Corp. (R/--/--) guarantees the bonds. According to Standard & Poor's criteria, the rating on a fully credit-enhanced bond issuance is the higher of the rating on the credit enhancer or the SPUR on the bonds. On Aug. 30, 2006, Standard & Poor's raised its SPUR on the city's wastewater revenue bonds to 'AA' from 'AA-' but due to an error did not contemporaneously raise its SPUR on the 2002 bonds. At...

Companies mentioned in this report are: Orlando
Action: Upgraded

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Research type: News
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