Standard&Poor's Ratings Services raised its rating on Orange County, Fla.'s tourist development tax (TDT) bonds to 'AA-' from 'A+' due to strong demand for hotel rentals and other short-term accommodations in the county, which has resulted in higher occupancy rates and pledged revenue growth. At the same time, Standard&Poor's assigned its 'AA-' rating to the county's series 2015 TDT refunding revenue bonds. The outlook is stable. The bonds are special obligations of the county secured by its TDT levied at a rate of 4% of each dollar charged for hotel rentals and other short-term accommodations, as well as its fifth-cent tax. The indenture requires the county use TDT proceeds first in the payment of priority expenses
