Chilled water is provided to six customers pursuant to 20-year contracts with varying expiration dates, all of which are well before the final maturity of the bonds currently being issued. The two largest customers, the City of Jacksonville and UFH-J, comprise a substantial 85% of the district’s revenues. CREDIT QUALITY OF THE WATER AND SEWER UTILITY UNDERPINS THE RATING JEA’s covenant to transfer from the water and sewer fund an amount sufficient to meet any existing debt service shortfall related to the 2013 series A bonds underpins bondholder security. Fitch rates the water and sewer system’s revenue bonds ‘AA’, largely due to the system’s strong financial profile. JEA’s financial metrics have trended positively in recent years, due principally to greater stability in sales, a series of prior rate adjustments, and greater cost recovery related to rate structure changes. Fitch calculated all-in debt service coverage peaked at 2.38x in fiscal 2015 and has averaged a robust 2.25x over the prior three fiscal years.
For the original version including any supplementary images or video, visit Fitch Affirms JEA, FL’s District Energy System Rev Bonds at ‘AA’; Outlook Stable | Business Wire
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