Press Releases

Standards & Poor’s and Fitch Assign JTA Strong Ratings

JACKSONVILLE, FLORIDA – December 16, 2014 – Standard & Poor's Ratings Services has assigned a long-term rating of ‘AA’ with stable outlook to the local option gas tax revenue bonds, series 2015. Approximately $100 million in bonds are anticipated to be issued by the Jacksonville Transportation Authority (JTA) in the first quarter of 2015.    JTA also received an initial public rating of ‘AA-‘ with stable outlook from Fitch Ratings.  The series 2015 bonds represent JTA’s first direct debt issuance, the proceeds of which will finance roadway and mobility corridor projects. 

“This is a historic moment for the Authority, “said JTA Chair Donna Harper.  “The ratings signify a level of certainty in the future for our transportation operations and allow us to move forward with much-needed road improvement projects.”

“The ‘AA’ rating reflects strong management and financial stability of the JTA,” said Vice-Chair Scott L. McCaleb. “JTA’s financing team’s presentations in New York were executed flawlessly and our commitment to quality, best in class financial practices, accountability, and transparency were all well received.”

The bond issuance will enable the JTA to continue being a strong partner in the social and economic growth of our community through the implementation of reliable transportation and infrastructure projects. JTA has worked in concert with the City to identify a list of planned roadway construction projects. Most of the identified projects are those that remain unfunded from the Better Jacksonville Plan. 

 “The impressive credit ratings are a testament to JTA’s commitment to good financial management,” said JTA Chief Executive Officer Nathaniel P. Ford Sr.  “Jacksonville is now assured that JTA can move forward in constructing road projects, putting people to work and building some of the transportation infrastructure the community needs to attract economic development.”