2009-10-10 00:05:04 -

Fitch Ratings assigns an 'AA' rating to the Orlando Utilities Commission's (OUC) $135 million utility system revenue refunding bonds, series 2009C. Fitch also affirms the 'AA' rating on OUC's outstanding combined utility revenue bonds. In addition to serving Orlando, OUC serves the city of St. Cloud, FL. As such, Fitch affirms outstanding St.

Cloud combined utility revenue bonds. The Rating Outlook is Stable.

Proceeds from the 2009C, fixed-rate bonds (maturing in 2017) will be used to refund the 2002A variable-rate bonds.

Supporting the 'AA' rating are OUC's strong operating position, efficient generating portfolio, and competitive retail electric rates.

Additional support for the rating is provided by OUC's strong financial profile, characterized by solid cash flow, liquidity, and prudent debt policy.

Credit concerns center

on OUC's ability to maintain a reasonable level of transfer payments to the city of Orlando. Fitch views favorably the agreement between the city and OUC that establishes specified payments through 2011.

Fitch will monitor the following key credit drivers, which could affect the rating.

--Maintenance of financial metrics in line with the rating category (i.e. debt service coverage and liquidity);

-- Maintenance of a reasonable level of transfer payments given weaknesses in the Florida economy.

For additional information, please see Fitch's report on Orlando Utilities Commission dated May 4, 2009 and available at ' www.fitchratings.com : '.

OUC is a combined municipal utility providing electric and water service within the city of Orlando, the neighboring city of St. Cloud and adjoining portions of Orange County, FL. The electric utility serves approximately 203,800 customers. Revenues are contributed from the electric system (86%), water system (10%) and other (4%). For further details on OUC, an updated report on the utility will soon be available on the Fitch Ratings web site at ' www.fitchratings.com : '.

Additional information is available at ' www.fitchratings.com : '.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS : .

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM : '.

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Fitch Ratings, New YorkYvette Dennis, 212-908-0668William
Drake Richey, 212-908-0325orMedia Relations:Brian
Bertsch, 212-908-0549Email: brian.bertsch@fitchratings.com : mailto:brian.bertsch@fitchratings.com Sandro
Scenga, 212-908-0278Email: sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com