- About
- 2021.02.17 JEA Announces New Leadership Team
- 2021.03.11 JEA Receives First Place Safety Award from Florida Municipal Electric Association
- 2021.06.15 JEA Names Theodore B. Phillips Chief Financial Officer
- 2021.07.13 JEA Announces New COO and VP of Financial Services
- 2021.08.17 JEA Builds Out Leadership Team with Hiring of Chief External Affairs Officer
- 2021.09.15 JEA Names New Chief Information Officer, VP of Technical Services
- 2021.09.30 Ricky Erixton, JEA Vice President of Electric Systems, Named to SERC Reliability Board of Directors
- 2021.09.30 Ricardo “Rick” Morales III Appointed to JEA Board of Directors
- 2021.11.03 JEA Receives Statewide Recognition for Programs that Build Community
- 2022.01.06 JEA Names its First Director of Diversity, Equity & Inclusion
- 2022.01.07 JEA Reducing Carbon Emissions with Closure of Plant Scherer Coal-fired Unit
- 2022.01.17 Statement on Holiday Road Sewer Overflow
- 2022.01.27 JEA Names Mark Stultz Vice President, Communications
- 2022.02.11 JEA Honored as Outstanding Utility by Florida Urban Forestry Council
- 2022.04.08 Steven Selders Promoted to JEA Vice President, Application Delivery and Enterprise Architecture
- 2022.04.26 JEA Managing Director & CEO Jay Stowe, Appointed to Electricity Subsector Coordinating Council
- 2022.06.01 JEA Partnering with Customers to be Ready for 2022 Hurricane Season
- 2022.06.08 JEA Announces Next Generation of Customer Experience Delivery
- 2022.06.13 JEA Presents Environmental Stewardship Award to Evoqua Water Technologies
- 2022.07.26 JEA to Suspend Electric, Water Disconnections During Peak of Summer Heat
- 2022.08.27 Precautionary Boil Water Advisory Remains in Effect for Sandalwood Area as JEA Continues Testing
- 2022.08.28 JEA Lifts Boil Water Advisory for Sandalwood Area
- 2022.09.26 JEA Prepares for Hurricane Ian, Response Procedures in Place
- 2022.09.27 JEA Prepared to Respond to Hurricane Ian Impacts
- 2022.09.28 JEA Welcomes Mutual Aid Response to Hurricane Ian
- 2022.09.29 JEA Crews Restoring Power Throughout Jacksonville
- 2022.10.03 JEA Names Pedro Melendez Vice President, Planning, Engineering & Construction
- 2022.10.20 JEA Honors Local Agency Partners for Their Work in the Community
- 2022.11.04 JEA Receives Statewide Recognition for Community Work in Northeast Florida
- 2022.11.08 JEA Prepares for Subtropical Storm Nicole
- 2022.11.11 All Storm Restorations Continue Today; JEA to Lift Limited Emergency Operations
- 2022.12.12 JEA Women's, Men's Teams Win Top Honors at Statewide Water Competition
- 2022.12.20 JEA Offers Tips in Advance of Severe Cold Weather
- 2022.12.24 JEA Offers Tips During Severe Cold Weather
- 2023.01.10 JEA Receives Statewide Recognition for Mutual Aid Work
- 2023.03.06 JEA Receives Statewide Recognition for Safety
- 2023.03.07 New JEA HQ Customer Center to Open April 10
- 2023.04.06 JEA Lineworkers Earn Top Honors at International Lineman’s Rodeo
- 2023.04.25 Community Invited to May 25 Public Forum on Northeast Florida’s Energy Future
- 2023.05.01 JEA Receives Recognition for Commitment to Urban Tree Management
- 2023.05.18 JEA's Long-Range Clean Energy Plan Available to Public
- 2023.05.26 JEA Ready for 2023 Hurricane Season, Offers Tips to Help Customers Prepare
- 2023.06.05 Helen Materazzi Named JEA Vice President, Organizational Effectiveness
- 2023.06.14 JEA Upgrading Water Meters for All Customers
- 2023.06.15 JEA Crews Heading to Tallahassee to Assist with Storm Restoration
- 2023.06.26 JEA Presents Environmental Stewardship Award to 29 Local Companies
- 2023.07.14 JEA Launches Fleet Vehicle Electrification Program
- 2023.08.22 JEA Issues Precautionary Boil Water Advisory for South Philips Highway and Nocatee Area, Encourages All Customers to Conserve
- 2023.08.22 Chief Human Resources Officer, VyStar Credit Union
- 2023.08.23 Precautionary Boil Water Advisory Remains in Effect for South Philips Highway, Nocatee Area, JEA Continues to Encourage All Customers to Conserve
- 2023.08.24 JEA Lifts Precautionary Boil Water Advisory for South Philips Highway, Nocatee Area
- 2023.08.28 JEA Prepares for Tropical Storm Idalia Encourages Customers to Be Ready
- 2023.08.30 JEA Responding to Customers Due to Hurricane Idalia
- 2023.11.15 JEA Receives Top Ranking in 2023 Business Satisfaction Survey by J.D. Power
- 2023.11.07 JEA Receives Statewide Recognition for Programs That Enhance the Community
- 2023.11.20 Juli Crawford Promoted to JEA Vice President, Enterprise Strategy & Planning
- 2023.11.28 JEA and UNF Advance Sustainable Solutions at Lab Opening
- 2024.01.09 Bond Rating Agencies Affirm Strong Financial Status for JEA Water Services
- 2024.01.30 JEA Hosts FMEA Lineman Competition
- 2024.01.31 JEA Honored with Statewide Award for Mutual Aid Assistance
- 2024.02.26 JEA Lineworkers Earn Top Prizes at Florida Lineman Competition
- 2024.04.08 Kim Wheeler Names JEA Vice President Operations Support
- 2024.04.15 JEA Board Names Vickie Cavey Interim Managing Director and CEO
- 2024.04.23 JEA Launches Project to Expand Existing Lead Pipe Safeguards
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- 2016.04.08 Standard and Poor's raises JEA's credit rating to AAA Highest Rating Possible
Standard and Poor's raises JEA's credit rating to AAA Highest Rating Possible
2016-04-08
Jacksonville, FL - Standard & Poor's Ratings Services raised its credit rating two notches to 'AAA' on JEA's water and sewer system senior-lien debt. Standard & Poor’s also raised its rating on JEA’s subordinate-lien debt to ‘AA+’ from ‘AA’. “Triple A” is the highest rating than any agency can get, and it is the first time that JEA has received that rating.
Higher credit ratings mean lower borrowing cost – and ultimately lower overall costs – for JEA’s customers. JEA has more than $1.6 billion in debt in the water and sewer system, and this credit rating change will help keep JEA’s borrowing costs low for all of its customers. Ratings are assigned on the basis of extensive analysis by the rating agency, considering factors like financial strength, economic diversity, management capability, and operating experience.
The rating comes on the heels of the interagency agreement that was signed two weeks ago by the City of Jacksonville and JEA. It is the first rating change JEA has received since the Mayor, the Chairman of the JEA Board, and JEA’s leadership team provided the credit rating agencies with an annual update in December.
“This is outstanding news for JEA, the City of Jacksonville, and our citizens,” said Mayor Lenny Curry. “This level of ratings’ increase clearly demonstrates that leadership really does make a difference. I could not be more proud of the visionary work of our JEA board. Having achieved a similar rating upgrade earlier this year, the City of Jacksonville and JEA are continuing to work collaboratively to make a difference in our city.” In late February, Standard and Poor’s Rating Services upgraded the rating on the City of Jacksonville’s sales tax revenue bonds to an “A+.” Up from an “A” the previous year, bond ratings are an indicator of credit quality and strength of the underlying revenue stream. The improved rating means lower borrowing costs for the City on future debt issues.
“I am proud to be a part of JEA at such a crucial time,” said Tom Petway, Chairman of the JEA Board. “The rating reflects the strength of JEA’s entire operation, from the leadership team to the men and women in the field providing high-quality service to our customers and community. This rating change lowers our debt costs, which lowers our costs for everyone. This is all about providing reliable and affordable water and sewer service to the community we serve.”
The raised ratings reflect a combination of Standard & Poor’s release and application of its revised criteria, and JEA's very strong financial performance trend as shown by its maintaining stronger all-in debt service coverage (DSC) and available liquidity levels. In issuing its rating, Standard & Poor’s stated that “we believe the authority will continue to maintain very strong all-in DSC and its very strong available liquidity position.”
The rating reflects S&P’s opinion of the combination of the system's extremely strong enterprise risk and financial risk profiles. The rating also reflects its opinion of the water and sewer system’s:
- Steadily growing and diverse customer base with adequate income levels;
- Strong local service area economy, which anchors the broad and diverse Jacksonville metropolitan statistical area (MSA);
- Competitive utility rates providing additional financial flexibility; and
- Very strong financial management policies and practices as shown by its proactive long-term planning and robust enterprise risk management program.
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