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Summary: JEA, Florida; Retail Electric Jan 07

  • ID: 2042768
  • January 2007
  • Region: Florida
  • Standard & Poors

The rating outlook on bonds issued by JEA, Fla. has been revised to stable from negative. The outlook revision reflects improved financial metrics, including enhanced coverage and liquidity, which have followed the adoption of policies that addressed the under-recovery of fuel costs. The issue II series 22 bonds issued by JEA on behalf of St John's River Power Park (SJRPP) have been rated 'AA-'; the rating on related parity obligations has been affirmed. Debt service on the bonds is an operating expense of JEA; the bonds, therefore, are rated as parity to JEA's electric system senior-lien bonds, the ratings on which have also been affirmed at 'AA-'. The 'A+' rating on subordinate-lien revenue bonds of the electric system has also...

Companies mentioned in this report are:

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

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