Summary: Orlando Utilities Commission, Florida; Combined Utility; Retail Electric

S&P Global Ratings assigned its 'AA' long-term ratings to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue bonds, series 2021A, B, and C. 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 2021A and 2021B bonds are being issued to fund a portion of OUC's $1.2 billion, five-year capital plan. The 2021A bonds ($144.82 million) will be fixed-rate; the 2021B bonds ($149.62 million) are being issued in a fixed-rate mode during the initial long-term rate period, with a mandatory tender, and subject to a "soft-put." In the event of a failed

...S&P Global Ratings assigned its '##' long-term ratings to the Orlando Utilities Commission (OUC), Fla.'s utility system revenue bonds, series 2021A, B, and C. At the same time, we affirmed our '##' 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 2021A and 2021B bonds are being issued to fund a portion of OUC's $1.2 billion, five-year capital plan. The 2021A bonds ($144.82 million) will be fixed-rate; the 2021B bonds ($149.62 million) are being issued in a fixed-rate mode during the initial long-term rate period, with a mandatory tender, and subject to a "soft-put." In the event of a failed remarketing, the bond rate would reset to 7%. The 2021C bonds ($19.83 million) are being issued to currently refund callable maturities from OUC's series 2011B&C bonds. The combined utility had $1.5 billion in total debt outstanding as of Sept....

Summary