Fitch Withdraws Credit Enhanced Rating on JEA (FL) Series Three 2008B-4
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
Rating Guidelines for Letter of Credit-Supported Bonds
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