CHICAGO (Standard&Poor's) March 30, 2016--Standard&Poor's Ratings Services assigned its 'AAA' rating to the Orange County Utilities (OCU), Fla.'s series 2016 water and wastewater utility revenue bonds. Standard&Poor's also assigned its 'AAA' underlying rating (SPUR) to OCU. The outlook is stable. "The rating reflects the system's extremely strong financial profile, along with consistently high economic growth in the area," said Standard&Poor's credit analyst Scott Garrigan. The senior-lien bonds are secured by a pledge of the net revenues of the water and wastewater systems. We understand bond proceeds will be used to finance capital projects. We view the bond provisions as credit neutral. Key provisions include a rate covenant of 1.2x annual debt service
