S&P Global Ratings has assigned its 'AA' long-term rating to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue bonds, series 2018A. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on OUC's parity debt obligations outstanding, and our 'A-1+' short-term ratings on specific variable-rate obligations of the commission. The outlook is stable. The 'AA' rating reflects what we believe to be the following credit strengths: A diverse and steadily growing customer base with just adequate income levels; Consistently strong financial performance and strong liquidity position, along with what we view as well-defined policies governing their use; Rates that are competitive compared with those of most of Florida's investor-owned utilities and comparably sized municipal utilities;
