Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to Orlando Utility Commission (OUC or the commission), Fla.'s $135 million utility system revenue bonds, series 2009C. We understand that bond proceeds will refund OUC's 2002A bonds. Standard&Poor's also has affirmed its 'AA' long-term and underlying ratings on the commission's parity debt obligations outstanding. The outlook is stable. The ratings reflect what we believe to be the following credit strengths: Consistently strong financial performance, with coverage of debt service, transfers and fixed charges at levels that are, in our opinion, solid even for the ratings; Substantial cash reserves, with what we believe are well-defined policies governing their use; Rates that are below average as measured against most
