Fitch Confirms S-T Rating on JEA Variable Rate Water & Sewer Sys Sub Rev Bonds, 2008 Ser A-1.

NEW YORK -- Fitch Ratings confirms the 'F1+' rating assigned to JEA's $65,625,000 currently outstanding variable rate water and sewer system subordinated revenue bonds, 2008 series A-1 (the bonds). The long-term 'AA' rating (Outlook Negative) continues to be based on the rating Fitch has assigned to JEA's water and sewer system subordinated revenue bonds.

The rating action for the bonds is taken in connection with the Aug. 12, 2009 substitution of the standby bond purchase agreement (SBPA) provided by The Bank of New York Mellon (formerly The Bank of New York) which provides liquidity for the bonds, with a SBPA issued by U.S. Bank National Association. The short-term rating on the bonds will expire upon the earliest of: Aug. 12, 2012, the stated termination date of the SBPA; or any prior termination of the SBPA.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.