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Summary: JEA, Florida; CP; Retail Electric Feb 09

  • ID: 2042688
  • February 2009
  • Region: Florida
  • Standard & Poors

Standard & Poor's Ratings Services has assigned its 'AA-' rating to JEA, Fla.'s $124.2 million electric system revenue bonds, series three 2009A. At the same time, Standard & Poor's assigned its 'A+' rating to JEA's $198.5 million electric system subordinated revenue bonds series 2009B. Both series of fixed rate bonds will principally refund bonds outstanding and about $5 million of proceeds is to replace debt service reserve sureties. The series 2009A bonds are senior-lien bonds and the 2009B bonds are subordinate lien. The utility will pay the bonds' debt service from the electric system's net revenues. The 2009A bonds' debt service is on par with about $1.5 billion of senior bonds payable ahead of $1.4 billion of subordinate lien bonds....

Companies mentioned in this report are:

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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