Standard&Poor's Ratings Services has assigned its 'AA' rating to Orange County, Fla.'s series 2012C sales tax revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' rating on the county's existing parity sales tax debt. The outlook is stable. The first-lien pledge on the county's apportionment of the half-cent sales tax secures the bonds, excluding the county's discretionary sales tax. The rating reflects our view of the county's: Sizable and deep underlying economy with a substantial tourism component; Very strong historical coverage of maximum annual debt service (MADS) that we expect will continue; and Adequate bond provisions, with a 1.35x additional bonds test. The county will use bond proceeds to refund its series 2002A sales
