The 'AA-' rating on Orlando Utilities Commission (OUC), Fla.'s subordinate-lien water and electric revenue bonds series 2003A and outstanding parity debt, as well as the 'AA' rating on OUC's outstanding senior-lien debt, reflects the respective subordinate- and senior-lien pledge of the net revenues of the combined system (with such pledges not perfected) and the general credit characteristics of the OUC. The OUC's general credit characteristics reflect: Competitive rates; Diversity of power supply mix, with OUC's ownership interest in fossil steam, combustion turbine, and nuclear plants, as well as the use of purchased power contracts; A strong and stable service area economy; A proactive management team that has sought to position OUC to effectively compete in the evolving electric marketplace under
