Moody's gives Aa2/VMIG 1, Aa3/VMIG 1 to JEA, Fla., bonds

Moody's Investors Service said it assigned an Aa2/VMIG 1 rating to JEA, Fla.'s $261.49 million of series three 2008B variable-rate electric system revenue bonds and an Aa3/VMIG 1 rating to JEA's $104.955 million of variable-rate electric system subordinated revenue bonds, 2008 series B.

The series three 2008B issue consists of $73.07 million of series three 2008B-1, $72.435 million of series three 2008B-2, $58.275 million of series three 2008B-3 and $57.71 million of series three 2008B-4.

Moody's also affirmed the Aa2 credit rating on JEA's $1,508,075,000 of outstanding senior lien electric system revenue bonds, the Aa3 rating on JEA's outstanding $1,233,917,000 of outstanding subordinate lien electric system revenue bonds and the Aa2 credit rating on JEA's outstanding $1,187,569,000 of St. Johns River Power Park revenue bonds.

The short-term portions of the ratings are based on standby bond purchase agreements from JPMorgan Chase Bank, NA (for the subordinate lien bonds) and of Dexia Credit Local (for the senior lien bonds).

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