The 'A' Standard&Poor's underlying rating (SPUR) on Orange County, Fla.'s outstanding capital improvement revenue refunding bonds series 1998 reflects the county's: Satisfactory and slightly improving debt service coverage ratios, based on the county's pledged $5.7 million annual minimum state-guaranteed revenue-sharing entitlement; Continued economic and population growth, which has resulted in increased state revenue-sharing receipts; and Weak legal provisions, evidenced by a 1.0x additional bonds test and no debt reserve. The bonds are secured by a pledge of the first and second state-guaranteed revenue-sharing entitlement monies, which totaled, on average, $5.72 million annually between fiscals 1998-2003. While debt service coverage has ranged from 1.05x to 1.12x between fiscals 1993-2002, fiscal 2003 coverage improved to 1.26x due to declining debt
