Press Releases

S&P Affirms JTA’s Strong Bond Rating

JACKSONVILLE, FLORIDA – June 28, 2018 – S&P, one of the nation’s major bond rating agencies, has affirmed the Jacksonville Transportation Authority’s (JTA) 'AA' rating with a stable outlook for JTA’s local option gas tax (LOGT) 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 S&P’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 bond rating assessment strengthens the financial position of the Authority,” said Isaiah Rumlin, Chairman of the JTA Board. “The rating allows the Authority to continue to improve safety, reduce congestion on major roadways, provide mobility options and enhance the quality of life for the community.”

JTA worked in concert with the City of Jacksonville to identify the specific roadway and transit corridor projects. Construction is underway on the roadway projects and corridors, providing mobility enhancements for bicycle, pedestrian, transit and ADA accessibility. Since the program was implemented in 2015, 7.5 miles of sidewalk have been installed.

“The 2015 bond issuance has enabled the JTA to aggressively implement the JTAMobilityWorks initiative,” said JTA Chief Executive Officer Nathaniel P. Ford Sr. “I want to thank our Board of Directors for their governance 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.

For information about JTA, please contact the JTA’s Customer Contact Center at 904.630.3100; Florida Relay at 800.955.8771 or visit www.jtafla.com.