Summary: JEA, Florida; Water/Sewer Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services raised its rating on Jacksonville Electric Authority (JEA), Fla.'s water and sewer system debt to 'AA' from 'AA-', reflecting strong debt service coverage and liquidity, coupled with active long-term financial and operational planning. At the same time, we assigned our 'AA' rating to JEA's series 2012A water and sewer system revenue bonds (separate senior and subordinated series). The outlook remains stable. Credit factors supporting the rating include our assessment of: JEA's strong management, which has demonstrated the ability to successfully implement a large multiyear capital plan and integrate numerous private utility acquisitions without diminishing JEA's financial position or greatly reducing debt service coverage (DSC); The depth and diversity of the greater Jacksonville service area economy;...

Companies mentioned in this report are:
- JEA

Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

JEA

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