Standard&Poor's Ratings Services has assigned its 'A+' rating to the Greater Orlando Aviation Authority (GOAA), Fla.'s series 2011C and 2011D airport facilities revenue bonds. At the same time, Standard&Poor's affirmed its 'A+' underlying rating (SPUR) on the authority's senior revenue bonds outstanding and its 'BBB+' SPUR on its 2002A subordinate revenue bonds outstanding, both issued for Orlando International Airport (MCO). The outlook is stable. The SPUR on the subordinate revenue bond reflects the bonds' deeply subordinate nature and what we view as weaker bond provisions. The authority's flow of funds places the debt service account and debt service reserve for subordinated bonds further down the waterfall than flows of funds of other airports. Such bonds also
