The rating on Orange County, Fla.'s commercial paper notes reflects: * Strong financial performance of the county, highlighted by good revenue growth and strong fund balances; * Solid debt service coverage, assuming up to $50 million of authorized notes are outstanding and all outstanding non-ad valorem revenues are bonded to the fullest legal available limit under prior lien resolutions; and * Sustained growth of the special tax revenues that largely supports the net revenues available and substantial capacity to take out note issuances under current special tax bonding programs. Potential risks include possible future debt issuance under existing prior lien structures and, if compounded by a sharp revenue decline, could substantially dilute revenues available for note repayment. Liquidity support is
