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JEA, Florida; Public Finance Structured, Liquidity Facility; Utility, Retail Electric Jan 03

  • ID: 2042694
  • January 2003
  • Region: Florida
  • Standard & Poors

The 'AA' rating on JEA, Fla.'s St. John's River Power Park (SJRPP, or power park) system refunding revenue bonds issue 2 series 18 reflects JEA's general creditworthiness and a joint ownership agreement between JEA and Florida Power and Light (FPL, 'A' issuer credit rating/negative outlook) that does not provide for JEA's step-up should FPL default on its obligation, offset by strong financial, economic, and operating incentives enhancing the likelihood of JEA step-up on the power park bonds (see below). The general credit characteristics of JEA include: Low rates across customer classes; A low cost and diversified fuel mix (for all of JEA's generating facilities) comprising coal, petroleum coke (petcoke), oil, and gas; Solid service area growth; and Sophisticated management. These...

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Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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