���������ֳ�

The 'AA-' IDR reflects the district's 'aaa' financial resilience assessment, which incorporates an expectation for available reserves to be maintained equal to 10% of spending or higher, the district's 'high' ability to adjust tax rates and 'midrange' ability to adjust expenditures. Available reserves have exceeded 30% of spending for more than a decade. Long-term liabilities are measured within the 'weakest' assessment category of the ���������ֳ� local government rating portfolio. Economic and demographic metrics utilize those of Orange County, FL as a proxy for the district's base, and are generally favorable, consistent with the broad and diversified Central Florida market. The rating reflects a -2 notch additional analytical factor adjustment to account for the tax base concentration associated with the Walt Disney Co. (Disney: 'A-' IDR/Stable), which accounts for 87% of the tax base.