Standard&Poor's Ratings Services has affirmed its 'A+' underlying rating (SPUR) on Orange County, Fla.'s tourist development tax bonds. The outlook is stable. The 'A+' rating reflects our opinion of the county's: Good debt service coverage of maximum annual debt service (MADS); Strong growth in pledged revenues; and Fundamentally strong economic base, anchored by Orlando, a major tourist destination. These credit strengths are offset, in our view, by the vulnerability of tourist development tax (TDT) revenues to downturns in national and global economic conditions that affect tourism and travel. The bonds are special obligations of the county secured by the TDT levied at a rate of 5% of each dollar charged for tourist rentals on hotels, which consists of
