Orlando Utilities Commission, Florida; Combined Utility

S&P Global Ratings assigned its 'AA' long-term rating to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue refunding bonds, series 2019A. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on OUC's parity debt obligations outstanding and our 'A-1+' short-term ratings on specific variable-rate obligations of the commission. The outlook is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018, on RatingsDirect). A pledge of the net revenue of OUC's electric and water systems secures the bonds. Officials intend to use series 2019A bond proceeds to refund its series 2009B bonds for interest cost savings. The combined utility had $1.5

...S&P Global Ratings assigned its '##' long-term rating to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue refunding bonds, series 2019A. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on OUC's parity debt obligations outstanding and our 'A-1+' short-term ratings on specific variable-rate obligations of the commission. The outlook is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018, on RatingsDirect). A pledge of the net revenue of OUC's electric and water systems secures the bonds. Officials intend to use series 2019A bond proceeds to refund its series 2009B bonds for interest cost savings. The combined utility had $1.5 billion in total debt outstanding as of Sept. 30, 2018. The rating further reflects our opinion of the system's very strong enterprise and financial risk profiles. The enterprise risk profile reflects...

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