S&P Global Ratings affirmed its 'AA' rating on the Orlando Utilities Commission (OUC), Fla.'s outstanding utility system revenue bonds. At the same time, we affirmed our 'AA/A-1' ratings on the commission's specific variable-rate obligations. The outlook is stable. The bonds are secured by a net revenue pledge of the combined utility, which includes electric and water services. The 'AA/A-1' variable rate bonds are additionally secured by a liquidity facility provided by T.D Bank. The utility's electric system, which is the focus of our analysis, accounted for about 87% of the combined system's net operating revenue. The combined utility had approximately $1.7 billion in total debt outstanding as of Sept. 30, 2024. OUC provides electric and water service to a steadily
