Summary: Orlando Utilities Commission, Florida; Combined Utility

S&P Global Ratings raised its rating on Orlando Utilities Commission, Fla.'s series 2008 utility system revenue bonds to 'AA/A-1+' from 'AA/A-1'. The outlook is stable. The rating action follows the substitution of the standby bond purchase agreement (SBPA) provided by JP Morgan Chase Bank N.A. with one provided by TD Bank N.A. The long-term component of the rating reflects Orlando Utilities Commission's, the obligor, credit quality. The short-term component of the rating reflects the SBPA provided by TD Bank N.A. The substitute SBPA has an effective date of April 4, 2017; it provides coverage for principal and 34 days' interest at a maximum annual rate of 12% for the purchase price of bonds not successfully remarketed. The SBPA provides coverage

...S&P Global Ratings raised its rating on Orlando Utilities Commission, Fla.'s series 2008 utility system revenue bonds to '##/A-1+' from '##/A-1'. The outlook is stable. The rating action follows the substitution of the standby bond purchase agreement (SBPA) provided by JP Morgan Chase Bank N.A. with one provided by TD Bank N.A. The long-term component of the rating reflects Orlando Utilities Commission's, the obligor, credit quality. The short-term component of the rating reflects the SBPA provided by TD Bank N.A. The substitute SBPA has an effective date of April 4, 2017; it provides coverage for principal and 34 days' interest at a maximum annual rate of 12% for the purchase price of bonds not successfully remarketed. The SBPA provides coverage only for bonds during the daily and weekly rate modes. The SBPA is scheduled to expire on April 4, 2022; at such time, we will withdraw the short-term component of the rating, unless the SBPA is extended or terminated beforehand according to its...

Summary