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JACKSONVILLE ELECTRIC AUTHORITY $77 MILLION CP RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 JACKSONVILLE ELECTRIC AUTHORITY $77 MILLION CP RATED 'F-1+'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, April 23 /PRNewswire/ -- Jacksonville Electric Authority's (JEA) $77 million Electric System Commercial Paper Notes, Series A are rated 'F-1+' by Fitch. The outstanding ratings on JEA's St. Johns River Power Park System Bonds, Bulk Power Supply System Bonds, and Electric System Bonds are affirmed at 'AA+'. The credit trend is stable.
 The 'F-1+' rating is based on JEA's excellent credit quality, strong financial position, and access to the public debt markets. JEA is authorized to issue up to $77 million of electric system commercial paper notes for the purpose of financing the construction or acquisition of additions, extensions, and improvements to the electric system, and paying the principal of, and interest on, maturing notes and borrowings under the credit agreement. Liquidity support for the notes will be provided by a credit agreement among JEA, Morgan Guaranty Trust Co. of New York, J.P. Morgan Delaware, and Morgan Guaranty Trust Co. of New York, as agent. Under the credit agreement, the banks have agreed to make loans to JEA in amounts up to, but not exceeding, $77 million to enable JEA to pay the principal amount of maturing notes if other monies are not available.
 JEA enjoys a diversified power supply program, enhanced by the recent acquisition of a 23.64 percent interest in the operating Scherer 4 coal-fired unit and a well integrated transmission system. Electric rates are consistently among the lowest in the state. A history of excellent financial performance along with an ability to internally fund a significant portion of capital requirements and a rapid debt retirement schedule are other positive credit features. Management is well regarded and provides additional stability to the credit. High concentration of naval operations in the service area is a point of concern.
 -0- 4/23/92
 /CONTACT: Susan M. Courtney, 212-908-0503; or Alan Spen, 212-908-0594, both of Fitch/ CO: Jacksonville Electric Authority ST: IN: UTI SU: RTG


SB -- NY102 -- 1983 04/23/92 14:24 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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