Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on Orange County, Fla.'s CP notes. The CP notes are secured by the county's non-ad valorem revenues. Proceeds fund the county's capital improvement program. Liquidity support to address a potential failed CP note remarketing is provided by a line of credit with SunTrust Bank (AA-/Stable/A-1+). The line expires on July 29, 2008. The notes mature within 270 days of issuance, with interest payable at maturity based on market rates not to exceed 10%. The notes are not subject to redemption before maturity. As each block of notes matures, new notes are issued to refinance the principal amount, and current eligible revenues of the county are used to pay the interest
