NEW YORK (Standard&Poor's) May 21, 2002--Standard&Poor's said it affirmed its single-'A' underlying rating (SPUR) on Orange County, Fla.'s outstanding tourist development revenue bonds and removed the rating from CreditWatch based on evidence of a continuing, positive recovery trend from the effects of Sept. 11 and the recession and the security pledge of the tourist development tax, which, including the pledged fifth cent, provides good 1.58 times coverage of future maximum annual debt service. The outlook is stable. The rating also reflects a strong 1.33 times additional bond test, which the county has been able to exceed historically despite frequent debt issuance; strong pledged revenue growth (tourist development tax revenues increased 72% from fiscal 1992-2001), with annual
