NEW YORK (Standard&Poor's) May 5, 2004—Standard&Poor's Ratings Services assigned its 'AA' rating to Orlando Utilities Commission (OUC), Fla.'s $240 million water and electric system revenue bonds series 2004. The bonds are on parity with all OUC debt outstanding following the achievement of bondholder consent of the general resolution in 2003. The rating reflects OUC's consistently strong financial performance, with debt service coverage levels above 2.00x and coverage of total fixed obligations after transfers measuring more than 1.45x; substantial cash reserves, with well-defined policies governing their use; competitive rates; a diverse power supply mix, with ownership interest in fossil steam, combustion turbine, and nuclear plants, as well as the use of purchased power contracts; a strong and
