S&P Global Ratings assigned its 'AA' long-term rating to Orlando Utilities Commission (OUC), Fla.'s utility system revenue refunding bonds, series 2016A. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on OUC's parity debt obligations outstanding and its 'A-1' and 'A-1+' short-term ratings on specific variable-rate obligations. The outlook is stable. The rating reflects the following credit strengths: Consistently strong financial performance and strong liquidity position, along with what we view as well-defined policies governing their use; A diverse power supply mix, with ownership interest in fossil steam, combustion turbines, and nuclear plants, supplemented by purchased power contracts; Rates that are competitive compared with those of most of Florida's investor-owned utilities and comparably sized municipal
