Standard&Poor's Ratings Services assigned its 'A+' underlying rating (SPUR) to Orange County, Fla.'s capital improvement revenue bonds Series 1992. The outlook is stable. In addition, Standard&Poor's affirmed its 'A+' SPUR, and stable outlook, on the county's series 1998 bonds. The rating also reflects: Satisfactory and slightly improving debt service coverage ratios, based on the county's pledged $5.6 million annual minimum state-guaranteed revenue sharing entitlement; Continued economic and population growth, which has resulted in increased state revenue sharing receipts; and Weak legal provisions, evidenced by a 1.0x additional bonds test and no debt reserve. The bonds are secured by a pledge of the first and second state-guaranteed revenue sharing entitlement monies, which totaled, on average, $5.66 million
