Standard&Poor's Ratings Services assigned its 'AA-' rating to Orange County, Fla.'s sales-tax revenue refunding bonds, series 2006, and affirmed its 'AA-' underlying rating (SPUR) on the county's outstanding sales-tax revenue bonds. The 'AA-' rating reflects: Excellent growth in the county's half-cent sales tax revenues, rising 75% since 1995 to $111 million by fiscal year-end Sept. 30, 2004; An increase in distributions to the county, based on a population-driven allocation, currently 71.77%, up from 69.9% in 1988, although a slight reduction from fiscals 2004 and 2005; Strong maximum future debt service coverage of 4.23x, based on 2004 revenues; and The county's strong underlying financial condition highlighted by prudent fiscal management and sufficient operating reserves. These credit strengths are mitigated
