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ORLANDO UTILITIES COMMISSION $85.5 MILLION SUB BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 28 /PRNewswire/ -- Orlando Utilities Commission's (OUC) $85.8 million water and electric subordinated revenue refunding bonds series 1993A are rated 'AA' by Fitch. OUC's outstanding 'AA+' $450 million water and electric revenue bonds are affirmed as are the 'AA' $564.3 million water and electric subordinated revenue bonds. The credit trend is stable. The bonds are scheduled to sell through negotiation the week of May 31 by a Goldman, Sachs & Co. syndicate.
 The ratings reflect OUC's financial strength, favorable rate levels, and diverse mix of generating resources and fuel supply. Historical debt service coverage on all bonds has exceeded 1.85x and is projected to remain high in the future. Construction of a second coal-fired unit at the Stanton Energy Center, the main component of OUC's capital improvement program, commenced in March 1993 with commercial operation expected by June 1, 1996. The new unit will provide additional low-cost base load capacity at substantial cost savings due to the use of existing site facilities. Electric rates are among the lowest in the state at 7.3 cents/kilowatt-hour and are expected to remain quite competitive with only moderate increases forecast. The water system benefits from a high-quality supply source, the Floridan aquifer, and low rates. Additional credit support is provided by OUC's experienced and capable management team.
 Continued development and economic diversification of the Orlando area is underway. However, the economy still significantly depends on tourism and related businesses. While the possible closure of Orlando's Naval Training Center, which is on the Defense Department's list of proposed base closures, would impact the regional economy, it accounts for a small percentage of OUC's total electric sales.
 -0- 5/28/93
 /CONTACT: Alan Spen, 212-908-0594 or Susan Courtney, 212-908-0503, both of Fitch/


CO: Orlando Utilities Commission ST: Florida IN: UTI SU: RTG

LR -- NY034 -- 3402 05/28/93 12:51 EDT
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Publication:PR Newswire
Date:May 28, 1993
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