NEW YORK (Standard&Poor's) July 29, 2002—Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Orange County, Fla.'s outstanding sales tax revenue bonds to double-'A'-minus from single-'A'-plus, reflecting the maintenance of strong debt service coverage despite the economic downturn and decline in sales tax receipts post Sept. 11. "Despite the somewhat heavy tourism reliance, which could be vulnerable to economic downturns, sales tax revenues on Orange County have shown good growth during past recessionary periods," said Standard&Poor's credit analyst Eden Perry. "Sales tax receipts are only down by 5.3% from budgeted expectations and down 4.2% from the same period in 2001. In addition, per capita retail sales are well above the national average," she added.
