"The county serves as a gateway to Walt Disney World and other Central Florida attractions," says S&P analyst Baltazar Juarez. "The stable outlook reflects the expectation of continued good financial performance and position, evidenced in part by the maintenance of healthy reserve levels."
The rating also reflects "a large and steadily growing tax base with no taxpayer concentration, sound financial operations characterized by adequate reserve levels and a low overall debt position," according to the S&P analysis.
Historically, the county's economy was centered around ranching and citrus. "However, with the arrival of the Walt Disney Co. to Central Florida in the early 1970s, Osceola's economy was transformed into a services-and-tourism-based economy," Juarez says.
The service sector is now the largest in the county, accounting for 47% of all jobs, according to the S&P report. Local government follows at 15%. Within the county's metropolitan area, the largest employer is the Osceola County School Board with 4,232 employees.
The county doesn't have presently have any general obligation bonds outstanding. Osceola has funded its past capital needs with sales tax, gas tax and other revenue-secured debt, according to S&P. Kissimmee, the county's seat, is 18 miles south of Downtown Orlando. Karl Jacob of S&P's New York office worked with Juarez on the report.
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