The placement of the 'A' underlying ratings (SPUR) on Orange County, Fla.'s tourist development tax (TDT) revenue bonds on CreditWatch with negative implications reflects the uncertainties surrounding the travel and tourism industries after the recent terrorist attacks and resulting significant decline in travel. At this point, it is impossible to determine the magnitude and duration of a potential slowdown in airline travel, tourism, and, accordingly, TDT revenues. Over the next three months the performance of the tax will be closely monitored and the level of collections will determine any rating actions. Both the Walt Disney Co. corporate credit rating of 'A' and the Greater Orlando Aviation Authority rating of 'A+' have previously been placed on CreditWatch with negative implications. Orange
