Standard&Poor's Ratings Services affirmed its 'AA' rating on Orlando Utilities Commission (OUC), Fla.'s water and electric system revenue bonds series 2004A, 2004B, and 2004C (auction rate securities), and its 'AA' underlying rating (SPUR) and 'AA/A-1+' rating on the commission's other outstanding debt. The 'AA' rating reflects OUC's: Consistently strong financial performance, with debt service coverage levels above 2.00x and coverage of total fixed obligations after transfers measuring more than 1.45x; Substantial cash reserves, with well-defined policies governing their use; Competitive rates; Diverse power supply mix, with ownership interest in fossil steam, combustion turbine, and nuclear plants, as well as the use of purchased power contracts; Strong and stable service area economy; and Proactive management team, which has sought
