Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Orange County, Fla.'s series 1992 capital improvement revenue bonds two notches to 'AA' from 'A+' based on an amendment to the master resolution that expands the pledged security to include 50% of all state revenue-sharing funds. The outlook is stable. Previously, first- and second-guaranteed entitlement funds were the only security on the bonds. At the same time, Standard&Poor's assigned its 'AA' long-term rating, and stable outlook, to the county's series 2009 capital improvement revenue refunding bonds. The rating reflects: An adequate coverage based on guaranteed entitlement revenues and, in our view, strong coverage based on the expanded pledged revenues; An economic area that, though experiencing some weakness
