The 'AA-' rating on Orange County, Fla.'s sales tax revenue refunding bonds and sales tax revenue bonds reflects: Excellent growth in the county's half-cent sales tax revenues, rising 99.7% since 1992 to $102 million by fiscal year-end Sept. 30, 2001; An increase in distributions to the county, based on a population-driven allocation, currently 72.29%, up from 69.9% in 1988; Strong maximum future debt service coverage of 3.90 times (x) based on 2001 revenues; and The county's strong underlying financial condition highlighted by prudent fiscal management and sufficient operating reserves. These credit strengths are mitigated by the following weaknesses: The risks of potential future debt issuance secured by sales tax revenues to fund the county's capital improvement program, and The current
