NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency (KBRA) has affirmed the long-term rating of AA+ with a stable outlook to Orange County, Florida’s Sales Tax Revenue Bonds. This rating applies to all of the County’s outstanding Sales Tax Revenue Bonds. KBRA has also affirmed the implied general obligation rating of AA+ as an assessment of the general obligation bond creditworthiness of Orange County, Florida. The outlook has been revised from stable to positive.
Orange County has approximately $245.4 million in Sales Tax Revenue Bonds outstanding. The County has no outstanding general obligation debt and approval of the electorate would be needed to issue such debt. The County’s total debt outstanding is $1.1 billion, which is secured by a range of excise taxes including sales taxes, public utility taxes, and tourism development taxes.
KBRA’s outlook revision for the implied general obligation rating reflects continued recovery in tourism activity, employment levels and sales tax collections, evidencing the resiliency of the Orange County economic base. Recovery in assessed valuation has lagged; however, the tax base has stabilized in the last two years. The KBRA outlook also reflects the strength of County management, which has taken a proactive approach to managing County finances.
Orange County, FL Sales Tax Revenue Bonds Surveillance Report
Orange County, FL Implied General Obligation Surveillance Report
U.S. Special Tax Rating Methodology, published August 21, 2012
U.S. Local General Obligation Rating Methodology, published May 31, 2012