NEW YORK (Standard&Poor's) April 1, 2008--Standard and Poor's assigned its 'AA/A-1+' rating to Orlando Utilities Commission (OUC), Fla.'s $200 million of utility system revenue bonds, series 2008. The outlook is stable. "The long-term component of the rating is based on the 'AA' underlying rating (SPUR) of OUC, and represents the likelihood that the debt service will be repaid over the life of the issues," said Standard&Poor's credit analyst Jeffrey Panger. "The short term component of the rating represents the likelihood of the payment of tenders and reflects standby bond purchase agreements provided by Banco Bilbao Vizcaya Argentaria, S.A (AA/A-1+')." OUC's long-term credit characteristics reflect the following strengths: consistently strong financial performance; substantial cash reserves, with well-defined
