Standard&Poor's Ratings Services assigned its 'AA' rating to Orlando Utilities Commission (OUC), Fla.'s, utility system revenue refunding bonds, series 2012A. In addition, Standard&Poor's also affirmed its 'AA' rating on OUC's parity debt obligations outstanding. The outlook is stable. The rating reflects what we believe to be the following credit strengths: Consistently strong financial performance and substantial cash reserves that management forecast it will maintain during the next several years, along with what we view as well-defined policies governing their use; A diverse power supply mix, with ownership interests in fossil steam, combustion turbine, 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
