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Summary: Jacksonville, Florida; Gas Tax; Joint Criteria; Sales Tax Mar 12
Standard & Poors, March 2012
Standard & Poor's Ratings Services has assigned its 'AA-' long-term rating to Jacksonville, Fla.'s series 2012 transportation revenue bonds. The outlook remains negative due to weakened coverage levels and a trend of revenue softness through fiscal 2010. At the same time, Standard & Poor's affirmed its 'AA-' ratings, with negative outlooks, on the city's series 2001, 2007, 2008A, and 2008B parity transportation revenue bonds. The 'AA-' ratings reflect our view of the city's: Good, but decreasing, maximum annual debt service (MADS) coverage, due to a weakening economy; Adequate 1.35x historical additional bonds test, which limits any further coverage dilution through issuance; and Fully funded debt service reserve. Offsetting rating factors include recent decreasing coverage levels, but revenues increased modestly for...
Companies mentioned in this report are: Jacksonville
Action: New Rating
Action: Outlook: Negative
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