- Language: English
- Published: July 2013
- Region: Florida
Summary: JEA, FL; Utility, Water/Sewer Oct 01
- ID: 2045463
- October 2001
- Standard & Poors
The downgrade on JEA, Fla.'s outstanding parity water and sewer system revenue bonds to 'A+' and 'A+' Standard & Poor's underlying rating (SPUR) reflects the pressure that a substantial increase in the five-year capital improvement program (CIP) to $1.25 billion will place on the system's overall financial and liquidity positions and projected revenue bond debt service coverage (DSC) levels. The downgrade also reflects the effect that a five-year rate freeze pledge effective though fiscal 2002 has had on operations and DSC levels, as well as uncertainty regarding rates beyond fiscal 2002. Also reflected is the uncertain effect on JEA's financial position of the planned acquisition of United Water Florida Inc. and what may prove to be optimistic operating revenue and...
Companies mentioned in this report are:
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.
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. SHOW LESS READ MORE >