Standard&Poor's Ratings Services affirmed its 'AA' rating on Orange County, Fla.'s outstanding sales tax bonds. The outlook is stable. A first-lien pledge of the county's apportionment of the half-cent sales tax distributed monthly from the local government half-cent sales tax clearing trust fund of the state treasury secures the bonds. The security does not include the county's discretionary sales tax receipts. The county's apportionment is driven by a population-based formula that considers municipalities within the county and the county itself. Given population trends, we do not expect the county's allocation to change materially. The rating reflects our view of the county's: Sizable and deep underlying economy with a substantial tourism component; Extremely strong coverage of maximum annual debt
