Standard&Poor's Ratings Services has raised its rating on Orange County, Fla.'s series 2003 public service tax (PST) refunding and improvement revenue bonds to 'AA' from 'AA-'. At the same time, Standard&Poor's assigned its 'AA' rating to the county's series 2013 PST refunding revenue bonds. The upgrade reflects our view of the following: The bonds' very strong historical coverage levels; The essential nature of the services being taxed and pledged to the bonds; The use of these pledged revenues to support certain operating expenditures, thereby reducing the incentive to significantly leverage these revenues; and Our expectation of limited new parity debt plans that could dilute coverage. In addition, the rating reflects the county's: Strong historical coverage of
