Standard&Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on Orange County, Fla.'s public service tax refunding and improvement revenue bonds, series 2003, reflecting the county's: Strong debt service coverage, Good growth in public service tax collections, and Strong underlying economic base. Offsetting factors include a release provision among the legal provisions that effectively drops revenue coverage of maximum annual debt service (MADS) to 1.35x. The bonds are secured by a first lien pledge of a public service tax collected within the unincorporated portion of the county. The public service tax is levied on the purchase of electricity, metered or bottled gas, fuel oil, and water services. The public service tax is exempt on fuel oil and on
