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JACKSONVILLE ELECTRIC AUTH. (Fla.) POWER PARK BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 29 /PRNewswire/ -- Jacksonville Electric Authority's (JEA) $399.9 million St. Johns River Power Park System Refunding Revenue Bonds Issue Two, Series Eight and Series Nine are rated AA+' by Fitch. The existing ratings on $2.0 billion St. Johns River Power Park System Revenue Bonds, $528.8 million Electric System Bonds, and $169.1 million Bulk Power Supply System Revenue Bonds are affirmed at AA+'. The credit trend is stable. The bonds are scheduled to sell through negotiation in February by a Lehman Brothers syndicate.
 JEA benefits from a well balanced power-supply program, sound financial operations, very competitive electric rates, and a well regarded management team. The authority's diversified resource mix includes its ownership interest in the highly efficient St. Johns River Power Park coal-fired units and the more recent acquisition of an interest in the coal-fired Scherer Unit 4. In addition, JEA's well integrated transmission system enhances the system's overall resource mix. Financial operations remain strong with a solid internal cash flow and electric system debt service coverage of 2.70x in fiscal 1992. Future capital expenditures are moderate. While the authority is required to transfer money to the city's general fund on an annual basis, the use of a set formula is considered sound business practice.
 Although the concentration of naval operations in the service area is a concern, the diversity of military operations helps to mitigate this risk. Combined, the three bases account for less than 5 percent of total electric sales.
 -0- 1/29/93
 /CONTACT: Susan M. Courtney, 212-908-0503 or Alan Spen, 212-908-0594, both of Fitch/


CO: Jacksonville Electric Authority ST: Florida IN: UTI SU: RTG

WB -- NY046 -- 0749 01/29/93 12:18 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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