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Fitch Withdraws Credit Enhanced Rating on JEA (FL) Series Three 2008B-4

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings withdraws its AA+/F1+ credit enhanced rating on the JEA (FL) variable-rate electric system senior lien bonds series three 2008B-4 (bonds).

The long-term rating assigned to the bonds is revised to 'AA-' with a Positive Outlook based on the underlying rating assigned by Fitch to JEA's electric system revenue bonds.

The rating withdrawal is in connection with the following: (1) the expiration on Oct. 27, 2012 of the irrevocable, direct-pay letter of credit (LOC) provided by Wells Fargo Bank, National Association supporting the bonds; (2) the mandatory tender of the bonds on Oct. 22, 2012 due to the expiration of the LOC supporting the bonds; and (3) the direct purchase of the bonds by Wells Fargo Bank, National Association that occurred on Oct. 22, 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research

--'U.S. Municipal Structured Finance Criteria' (Feb. 28, 2012);

--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 20, 2012).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Rating Guidelines for Letter of Credit-Supported Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681737

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Richard Park, +1-212-908-0289
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com













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