Standard&Poor's Ratings Services affirmed its 'AA' underlying rating (SPUR) on Orange County, Fla.'s capital improvement revenue bonds. The outlook is stable. The rating reflects our view of the county's: Sizable and deep underlying economy with a substantial tourism component; Very strong coverage of maximum annual debt service (MADS) based on pledged revenues; Relatively rapid amortization and lack of additional debt plans; and Adequate bond provisions, including a merely adequate 1.35x additional bonds test. A pledge of 50% of the previous year's state revenue-sharing distribution secures the bonds. Eligible Florida counties receive state revenue-sharing funds based on the Florida Revenue Sharing Act of 1972. Florida collects revenues, primarily sales tax revenues, statewide and holds them in the revenue-sharing trust
