Moody's rates JEA bonds Aa3/VMIG 1

Moody's Investors Service said it assigned ratings of Aa3/VMIG 1 and stable outlook to $189.69 million of variable-rate water and sewer revenue bonds from JEA, Fla.

The rating applies to $85.3 million of bonds, 2008 series B (senior lien); $103.995 million of subordinated bonds, 2008 series B-1; and $400,000 of subordinated bonds, 2008 series B-2 (taxable).

Sale of the senior lien bonds is expected on April 2, and sale of the subordinated bonds is expected on March 18.

The short-term portion of the rating is based on the credit quality of State Street Bank and Trust Co. (for the subordinated bonds) and of JPMorgan Chase Bank, NA (for the senior bonds), which provide standby bond purchase agreements for the bonds.

State Street is rated Aa1/P-1, and JPMorgan is rated Aaa/P-1.

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