The 'A-1+' short-term rating on Orlando Utilities Commission (OUC), Fla.'s water and electric subordinated extendable municipal CP notes (EMCP) reflects the general credit quality of OUC, satisfactory liquidity, and adequate CP program structure. EMCPs are secured by system net revenues junior to OUC's $1.4 billion prior-lien bonds. The notes will provide funds to either finance capital additions, reimburse prior expenditures, or refinance outstanding indebtedness of OUC. The notes had an initial term of no more than 90 days. At the time the notes initially mature, OUC can either redeem, roll over the notes, or extend the maturity to a date that falls 270 days from the date of original issuance. Through the EMCP extension mechanism, investors take short-term liquidity and
