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Summary: JEA, FL; Utility, Retail Electric May 01

  • ID: 2042696
  • May 2001
  • Standard & Poors

The ratings on JEA's bonds reflects: Management's commitment to rate competitiveness; Sound operational reliability and competitive electricity production costs; and Historically sound fixed-charge coverage of total obligations and good liquidity. These strengths are tempered by: Financial pressures resulting from higher fuel costs--Higher fuel and purchased power costs reduced financial margins and liquidity in fiscal 2000; A significant construction program, highlighted by the introduction of two circulating fluidized bed (CFB) generating units that are larger than other operational units using this technology; Sizable transfers to the city's general fund, somewhat offset by management's decision to rely more heavily on the water and sewer system for these transfers at the present; and The contractual obligation of Florida Power & Light Co. (AA-/Watch...

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Action: New Rating

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