Fitch Rates JEA (Florida) $85.3MM Var-Rate Sys Revs, 2007 Series B 'AA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch assigns an underlying rating of 'AA' to JEA JEA Journalism Education Association JEA Jacksonville Electric Authority JEA Journal of Egyptian Archaeology JEA Jamaica Exporters Association JEA Jackson Energy Authority (Jackson, Tennessee) Water and Sewer System, Florida's (W&S) $85.3 million senior lien senior lien n. the first security interest (lien or claim) placed upon property at a time before other liens, which are called "junior" liens. (See: mortgage, deed of trust, lien, UCC-1) variable rate water and sewer system revenue bonds, 2007 Series B. Outstanding senior lien water and sewer parity debt, totaling $1.4 billion, is affirmed by Fitch at 'AA'. Fitch also affirms the 'AA' rating on JEA's $343.7 million subordinate lien water and sewer revenue bonds and $129.9 million crossover bonds. The Rating Outlooks are Stable. Proceeds from the JEA W&S 2007 series B bond issue will be used to refund a portion of JEA's electric system revenue bonds, 2002 series C and 2004 series C. Fitch expects to assign both a long- and short-term rating to the 2007 series B bonds closer to the closing date. These ratings will reflect the support of bond insurance and a standby bond purchase agreement, covering the purchase price for tendered bonds. The 2007 series B bonds are expected to price the week of March 7, 2007 with JP Morgan as lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. . For more information on the W&S underlying credit rating, please see Fitch's press release on JEA's 2007 series A fixed-rate bonds dated Feb. 13, 2007 or the full report dated Oct. 10, 2006. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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