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
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