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ORLANDO (FLA.) CONVERTIBLE LIEN REFUNDING SPECIAL REVENUE BONDS 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 ORLANDO (FLA.) CONVERTIBLE LIEN REFUNDING SPECIAL REVENUE
 BONDS 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, June 26 /PRNewswire/ -- Orlando, Florida's convertible lien refunding special revenue bonds Series 1992 are rated 'A+' by Fitch. The city will offer approximately $75 million of the bonds through a limited competitive offering anticipated in July.
 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.
 This bond issue initially is secured by a subordinated pledge of sales taxes and possesses satisfactory coverage and legal protections. However, the city is currently awaiting validation on a new bond program that, if received, will enable Orlando to pledge essentially non-ad valorem revenues of the general and utilities services tax funds. If validation occurs, the pledge on the sales taxes will be terminated and the bonds will then be secured by the revised pledge and protections. The bonds are currently rated 'A+' reflecting the sales tax pledge; if validation occurs prior to delivery of the bonds, currently scheduled for no later than Aug. 31, the bonds will be rated 'AA-.' The credit trend is stable.
 -0- 6/26/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Orlando, Florida ST: Florida IN: SU: RTG


CK -- NY028 -- 4169 06/26/92 11:12 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:313
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