...S&P Global Ratings revised the outlook to stable from negative and affirmed its '##-' rating on Orange County, Fla.'s series 2017, 2016, 2016A, 2016B, 2015, and 2010 tourist development tax (TDT) revenue bonds. The outlook revision reflects our expectation that demonstrated TDT revenue recovery since the beginning of the county's fiscal year (October 2021) will continue, as pandemic-related restrictions are lifted and visitor activity in the county continues to increase. Meanwhile, coverage dropped to 1.7x maximum annual debt service (MADS) in fiscal 2020 from 2.92x in 2019, remaining above the 1.33x additional bonds test (ABT). We expect incremental coverage improvement for fiscal 2021, with significant recovery in 2022, although remaining below 2019 levels. The ratings reflect the application of our "Priority-Lien Tax Revenue Debt" criteria, published Oct. 22, 2018, which factors in both the strength and stability of pledged revenues and the general creditworthiness of the municipality....
