Fitch Ratings assigns an 'A+' rating to Osceola County, Florida's (the county) approximately $43.3 million in sales tax revenue refunding bonds, series 2009A. Proceeds will be used to refund the outstanding sales tax revenue bonds, series 1999.
The 'A+' rating reflects the strong coverage provided by pledged revenues, satisfactory legal provisions, and consistent financial results.
Concurrently, Fitch also affirms the $43.3 million in outstanding sales tax revenue bonds, which will be refunded with this issuance, at 'A+'. The Rating Outlook is Stable.
Overall debt levels are moderate at $2,931 per capita and 3.5% of market value although amortization is slightly below average with 42% of principal being retired within ten years. Capital needs are limited and concentrated in roads.
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