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ORLANDO UTILITIES COMMISSION (FLA.) $135 MILLION SUBORDINATED REVS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 22 /PRNewswire/ -- Orlando Utilities Commission (OUC), FL's $135 million water and electric subordinated revenue bonds series 1993B are rated 'AA' by Fitch. OUC's $467.8 million outstanding 'AA+' water and electric revenue bonds are affirmed, as are $652.2 million outstanding 'AA' water and electric subordinated revenue bonds. The credit trend is stable. The bonds are scheduled to sell through negotiation the week of July 26 by a Lehman Brothers syndicate.
 OUC's ratings reflect its diverse generating resource mix, strong financial position, and competitive rates. Historical debt service coverage on all bonds has exceeded 1.85 times (x) 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 (CIP), commenced in March 1993, with commercial operation expected June 1, 1996. The new unit will provide additional low-cost baseload 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 (kwh) and expected to remain 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, capable management team.
 Continued development and economic diversification of the Orlando area is under way; however, the economy remains significantly dependent on tourism and related businesses. The Defense Base Closure and Realignment Commission has recommended closing the Orlando Naval Training Center. While the center accounts for only a small percentage of OUC's total electric sales, the impact to the area economy remains difficult to assess.
 -0- 7/22/93
 /CONTACT: Susan M. Courtney, 212-908-0503 or Alan Spen, 212-908-0594, both of Fitch/


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

WB -- NY093 -- 4746 07/22/93 16:25 EDT
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Date:Jul 22, 1993
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