Jacksonville celebrates bond rating milestone, as JEA credit trends south
This week, Jacksonville celebrated a milestone in its history of bond ratings: its first standalone AAA rating. Meanwhile, its local utility suffered a setback.
On Monday, CFO Mike Weinstein emailed that the city “received notification that Fitch Ratings has upgraded to ‘AAA’ from ‘AA’ the City’s excise tax revenue bonds.”
“Our records show this is the first time in City of Jacksonville history that the City, or any of its revenue pledges, has received an ‘AAA’ rating from a major rating agency on a standalone basis,” Weinstein observed.
“This is exciting news for our City! Not only is it confirmation that the strong fiscal management you established is being recognized by the financial community at large, but it is also proof that the Jacksonville economy is vibrant and growing,” Weinstein added.
“This is a tremendous win for the City of Jacksonville,” said Mayor Lenny Curry. “I’m proud of the history we are making by bringing strong fiscal management to our city. My administration will remain consistent in our commitment to respect the hard-work of taxpayers.”
In less “tremendous” news that was not trumpeted with a press release, Friday also brought word that Standard and