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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...

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Action: New Rating

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