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ORLANDO, FLA. CAPITAL IMPROVEMENT REFUNDING SPECIAL REVENUE BONDS 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 ORLANDO, FLA. CAPITAL IMPROVEMENT REFUNDING SPECIAL REVENUE BONDS
 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 8 /PRNewswire/ -- Orlando, Fla.'s capital improvement refunding special revenue bonds Series 1992 are rated 'AA-' by Fitch. Bonds will be sold through a limited offering. These bonds were initially proposed to be sold under the name of convertible lien refunding special revenue bonds Series 1992 and were rated 'A+' based on the originally planned security. Legal requirements of validation have now been met and the bonds will be issued with the new security.
 Orlando's overall credit position is characterized by strong levels of performance in all areas. The city is part of one of the most rapidly growing areas in the country and benefits from an economic base that is gradually diversifying away from its historic reliance on tourism and defense. Financial performance is strong, with excellent levels of fund balance being maintained. The city's revenue stream is diverse, like most other Florida cities, and its nature enables the city to capture the benefits of the economic base by utilizing many taxes and charges that can be "exported" to visitors. Debt levels and the capital plan are manageable, but transportation needs are significant and are not yet fully addressed and funded.
 Orlando is pledging essentially non-ad valorem revenues of the general and utilities services tax funds to the bonds. Legal protections for this new security are good. The credit trend is stable.
 -0- 9/8/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Orlando ST: Florida IN: SU: RTG


AH -- NY072 -- 7183 09/08/92 16:54 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
Words:266
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