S&P Global Ratings affirmed its 'AA' long-term and underlying ratings (SPUR) on Orlando Utilities Commission (OUC), Fla.'s utility system revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA/A-1+' rating on specific variable-rate obligations of the commission. The outlook is stable. The bonds are secured by a net revenue pledge of the combined utility, which includes electric and water services. The combined utility had $1.6 billion in total debt outstanding as of Sept. 30, 2021. OUC provides electric and water service to a steadily growing, primarily residential customer base in Orlando and portions of Orange and Osceola counties. The utility's electric system, which is the focus of our analysis, accounted for 78% of the combined system's net operating
