Moody's gives Aa3, Aa3/VMIG 1 to JEA bonds

Moody's Investors Service said it assigned an Aa3/VMIG 1 rating to JEA, Fla.'s $133.37 million of variable-rate water and sewer system subordinated revenue bonds and an Aa3 rating to its $67,365,000 of electric system subordinated revenue bonds, 2008 series A.

The water and sewer system bonds include about $66.87 million of 2008 series A-1 and about $66.51 million of 2008 series A-2.

Sale of the water and sewer system bonds is set for Feb. 21, and sale of the electric system revenue bonds is set for Feb. 28.

The short-term portion of the rating on the water and sewer system bonds is based on a standby bond purchase agreement provided by Bank of New York. The bank is has long-term and short-term ratings of Aaa and P-1, respectively.

The outlook is stable.

Along with rating the water and sewer system bonds, Moody's said it affirmed its Aa3 rating on JEA's $218.5 million of outstanding parity subordinate lien bonds and $1.58 billion of outstanding senior lien bonds.

Moody's also said it affirmed its Aa2 credit rating on JEA's outstanding $1,408,075,000 of senior lien electric system revenue bonds and its Aa3 rating on the system's $1,167,142,000 of subordinate lien electric system revenue bonds

At the same time, Moody's affirmed its credit rating on the system's $1,187,569,226 of St. Johns River Power Park revenue bonds.

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