...August 20, 2024 NEW YORK (S&P Global Ratings) Aug. 20, 2024--S&P Global Ratings assigned its '##' rating to the Orlando Utilities Commission (OUC), Fla.'s $88.25 million utility system revenue bonds, series 2024A, and $178.83 million utility system revenue refunding bonds, series 2024B. The outlook is stable. The bonds are secured by a net revenue pledge of the combined utility, which includes electric and water services. The utility's electric system, which is the focus of our analysis, accounted for 87% of the combined system's net operating revenue in fiscal 2023. The combined utility had $1.7 billion in total debt outstanding as of Sept. 30, 2023. "The stable outlook reflects our belief that OUC's financial profile is sustainable, with robust coverage of fixed costs providing consistent cash flow, mitigating the potential need to draw down liquidity as the utility addresses capital spending requirements spurred by its decarbonization goals," said S&P Global Ratings credit analyst Jeff...
