JACKSONVILLE, Fla. — Fitch Ratings upgraded the Jacksonville Transportation Authority’s Issuer Default Rating from “AA” to “AA+,” with a “stable” outlook.
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The New York-based rating agency also affirmed the “AA-” rating on the JTA’s senior lien local option gas tax series 2015 and 2020 bonds. The report also states that the JTA’s “AA-” rating on LOGT bonds is based on an analysis that reflects the JTA’s resilience to cyclical declines and Fitch’s expectation of growth prospects below inflation for fuel tax revenues.
Fitch also noted that the JTA’s financial resilience metric reflects its low long-term liability, strong net working capital and healthy margins.
“The Independent Default Rating upgrade to “AA+” with stable outlook reflects JTA’s financial resilience, strength and the prudent management of its long-term liabilities,” said JTA Senior Vice President/Chief Financial Officer Raj Srinath. “This further increases our competitiveness for public and private funding and cost-effective financing opportunities for advancing our capital programs.”
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