Standard&Poor's Ratings Services has raised its underlying rating (SPUR) on Orange County, Fla.'s public service tax refunding and improvement revenue bonds, series 2003, to 'AA-' from 'A+', based on our view of the county's: Strong debt service coverage; Strong underlying economic base; and Decreasing debt service schedule, with no additional parity debt issuance planned. A first-lien pledge of a public service tax collected within the unincorporated portion of the county secures the bonds. The tax is levied on the purchase of electricity, metered or bottled gas, fuel oil, and water services. The public service tax is exempt on fuel oil and on metered or bottled gas purchased for agricultural purposes. The tax instituted by the county has been
