S&P Global Ratings affirmed its 'AA' long-term rating on the Orlando Utilities Commission (OUC), Fla.'s utility system revenue bonds. At the same time, we affirmed our '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 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. OUC provides electric and water service to a steadily growing customer base. The electric system provides retail service to 277,000 customers in Orlando,
