Standard&Poor's Ratings Services raised its rating on Orlando Utilities Commission's (OUC) variable-rate electric revenue bonds series 2002B to 'AA/A-1+' from 'AA-/A-1+'. The upgrade of the long-term rating reflects OUC's achievement of bondholder consent of its general resolution, which, among other provisions, calls for all outstanding and future bonds to rank pari passu. Although security for the current senior-lien bondholders will be diluted somewhat under the new general resolution, Standard&Poor's believes that OUC's solid financial operations support a 'AA' rating on all outstanding bonds, and as such has raised its rating on the current subordinate-lien bonds to 'AA' from 'AA-'. Other factors supporting the long-term rating include: Competitive rates; A diverse power supply mix, with ownership interest
