GlobeSt.com SPECIAL: Strong Downtown Real Estate Assets Win 'A' Rating for City's Bonds

ORLANDO-Hit hard by shrunken hotel occupancies, lowered tourist tax revenue and rising office vacancy rates, Orlando has finally received some positive news from Standard & Poor’s Corp., the New York-based bond-rating firm.

S&P is giving the city’s $13.25 million tax increment revenue refunding and revenue bonds an ‘A’ rating, largely because of robust Downtown commercial real estate assets. The Series 2000 bonds are scheduled to go on sale Feb. 14. The bonds are for a 1,620-acre redevelopment project centered around the low-income Parramore district.

“The stable outlook (for Orlando) is underscored by the relatively strong debt service coverage offered and the ability of the (Downtown) district to withstand valuation fluctuation,” the new S&P analysis finds.