Fitch Affirms Jacksonville Transportation Authority’s Strong Rating
Fitch Ratings has affirmed the Jacksonville Transportation Authority’s 'AA-' rating with a stable outlook for JTA’s local option gas tax revenue bonds, series 2015.
The series 2015 bonds represent JTA’s first direct debt issuance, the proceeds of which are funding roadway and mobility corridor projects. This rating reflects Fitch’s assessment of the future prospects of LOGT revenues relative to the debt service payments JTA is required to pay, along with future capital needs identified by JTA.
“This is outstanding news and solidifies the financial standing of the Authority,” said Isaiah Rumlin, chairman of the JTA Board. “The rating allows the Authority to continue to improve roadway capacity and traffic conditions and enhance the quality of life for the community.”
JTA worked in concert with the City of Jacksonville to identify the list of roadway construction projects that are well underway.
“The bond issuance has enabled the JTA to continue being a strong partner in the economic growth of our community through the implementation of reliable transportation and infrastructure projects,” said JTA Chief Executive Officer Nathaniel P. Ford Sr. “I want to thank our Board of Directors for their leadership and commitment to effective financial management.”
Ratings are assigned on the basis of extensive analysis by the rating agency, considering factors like financial strength, economic diversity, management capability, and operating experience.
