The 'A' rating on Orange County, Fla.'s tourist development tax revenue bonds is based on the following: Evidence of a continuing, positive recovery trend from the effects of Sept. 11 and the recession; The security pledge of the tourist development tax (TDT), which, including the pledged fifth cent, provides a good 1.58 times (x) coverage of future maximum annual debt service (MADS); A strong 1.33x additional bond test that the county has been able to exceed historically despite frequent debt issuance; Strong pledged revenue growth (TDT revenues increased 72% from fiscal 1992-2001), with annual growth varying widely from a low of 1.7% in 1999 to a high of 16.6% in 1997, and a projected decline of 15.9% in fiscal 2002;
