Standard&Poor's Ratings Services assigned its 'A' rating to Orange County, Fla.'s tourist development tax refunding revenue bonds, series 2005, and affirmed its 'A' underlying rating (SPUR) on the outstanding bonds. The 'A' rating is based on the following: A strong, underlying economic base anchored by the city of Orlando, a major tourist destination; Good debt-service coverage of future maximum annual debt service; Strong pledged revenue growth; and Adequate legal provisions. Offsetting factors include a vulnerability of tourist development tax (TDT) revenues to downturns in both national and global economic conditions that impact tourism and travel. Proceeds of the bonds will be used to advance refund most of the series 2000 bonds. The bonds are special obligations of the
