...JEA's 'AA' bond ratings and 'aa' Standalone Credit Profile (SCP) reflect the electric system's very strong historical financial performance and very low leverage profile. The rating also considers the system's very strong revenue defensibility, including JEA's monopolistic revenue source characteristics and independent ability to adjust rates, as well as a strong operating risk profile. JEA continues to demonstrate strong operating performance, which, coupled with a decline in total outstanding debt, underpins the system's very strong financial and leverage profile. The system's total debt declined to roughly $1.4 billion in 2024 from over $2.5 billion since fiscal 2015. While financial margins declined somewhat over the past three years, they remain solid, resulting in leverage of 5.7x in 2024, which is still very low. Other key financial metrics, including coverage of full obligations (COFO) and liquidity, are also strong and neutral to the assessment. JEA's resource base continues to...
