Standard&Poor's Ratings Services assigned its 'AA' rating to Orlando Utilities Commission (OUC), Fla.'s, utility system revenue refunding bonds, series 2010E. At the same time, Standard&Poor's affirmed its 'AA' rating on OUC's debt outstanding and its 'AA' long-term rating and underlying rating (SPUR) on OUC's parity debt obligations outstanding. The outlook is stable. The ratings reflect what we believe to be the following credit strengths: Consistently strong financial performance, with coverage of debt service, transfers, and fixed charges at levels that are, in our opinion, solid even in consideration of OUC's high investment-grade rating; Substantial cash reserves, with what we believe are well-defined policies governing their use; Rates that are below average as measured against most of
