S&P Global Ratings has affirmed its 'AA' rating on Orange County, Fla.'s series 2013 public service tax (PST) revenue bonds. The outlook is stable. The 'AA' rating reflects our view of the following: The bonds' very strong maximum annual debt service (MADS) coverage; The essential nature of the services being taxed and pledged to the bonds, which should support coverage levels; The use of these pledged revenues to support certain operating expenditures, thereby reducing the incentive to significantly leverage these revenues; Tourism-based underlying economy that experienced weakening during the most recent economic recession but has remained resilient given very strong tourist attractions; and Decreasing debt service schedule. Offsetting rating factors include the permitted release of some pledged revenues after certain
