S&P Global Ratings assigned its 'AA-' long-term rating to Orange County, Fla.'s series 2016A and 2016B tourist development tax (TDT) revenue bonds, and affirmed its 'AA-' rating on the county's parity debt. The outlook is stable. The bonds are limited 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 from the first four cents first in the payment of priority expenses (capped at the greater of $400,000 or 1.74% of TDT proceeds for the previous fiscal year) and then debt service. Because the permitted uses of the fifth-cent tax are
