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S&P rates Orlando-Orange County Expressway debt AAA/A-1+
Standard & Poor's said it assigned an AAA/A-1+ rating to the Orlando-Orange County Expressway Authority, Fla.'s series 2008B-1, B-2, B-3 and B-4 variable-rate revenue refunding bonds.
The issue includes $131.025 million of series B-1, $149.76 million of series B-2, $149.76 million of series B-3 and $99.82 million of series B-4.
The ratings reflect letters of credit from Bank of America NA for series B-1; from SunTrust Bank for series B-2; and from Wachovia Bank NA for series B-3 and B-4.
At the same time, S&P said it affirmed the A underlying rating on the authority's debt.
Bank of America, SunTrust and Wachovia are rated AA+/A1+, AA-/A-1+ and AA/A-1+, respectively.
The outlook is stable.
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