S&P Global Ratings assigned its 'AA' long-term rating to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue refunding bonds, series 2020A. 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 2020A bonds are being issued as fixed-rate debt to refund OUC's 2017A bonds and provide funds to terminate an associated swap. The combined utility had $1.46 billion in total debt outstanding as of Sept. 30, 2019. OUC provides electric and water service to a steadily growing, primarily residential customer base in Orlando and portions of Orange County. The combined utility's electric
