JACKSONVILLE, Fla. — JEA received strong credit rating actions this week from two of the nation’s major credit rating agencies, reflecting continued confidence in the utility’s financial management, operational performance and long-term planning.
Moody’s Ratings upgraded JEA’s Electric Enterprise credit rating, returning it to the double-A credit tier, and affirmed JEA’s Water and Sewer System credit rating with stable outlooks for both. Fitch Ratings also affirmed JEA’s Electric Enterprise and Water and Sewer System credit ratings and maintained stable outlooks for both systems. JEA is now a double A rated credit by two of three major credit rating agencies.
The rating actions recognize JEA’s financial strength and stability as the utility continues making critical investments across its systems to provide reliable electric, water and wastewater service to Northeast Florida’s growing population.
“JEA’s mission is to provide essential services to our customers every day, and these rating actions recognize the progress our team has made to strengthen our financial position, invest responsibly and serve our customers well,” said JEA Managing Director and CEO Vickie Cavey. “These actions reflect confidence in JEA’s financial discipline, operational performance and long-term strategy, and our commitment to supporting the communities we serve.”
Credit ratings help determine how much public utilities pay to borrow money for major infrastructure projects. Strong ratings can help lower borrowing costs and preserve financial flexibility, which supports JEA’s ability to invest in its systems while managing costs for customers.
Moody’s cited JEA’s consistently strong financial performance, sound financial management and multi-year efforts to strengthen its balance sheet, including the reduction of more than $2.3 billion in debt from fiscal years 2013 through 2025. Moody’s also recognized JEA’s “continued progress in strengthening governance under a reconstituted board and management team over the past three years.” The actions further underscore the importance of organizational stability, including consistent leadership and Board oversight, as JEA continues executing its long-term strategy. Moody’s now rates the JEA Electric Enterprise at Aa3, and the Water and Sewer System is rated at Aa1.
Fitch affirmed JEA’s Electric Enterprise rating at AA with a stable outlook, recognizing the utility’s growing service area, affordable electric costs, diverse power supply and stable financial profile. Fitch also affirmed JEA’s Water and Sewer System rating at AA+ with a stable outlook, citing JEA’s essential water and wastewater services, strong customer growth, very low operating cost burden and continued investment in infrastructure to support Northeast Florida’s growth and regulatory requirements.
“These rating actions recognize the hard work JEA has done to strengthen its financial position while continuing to plan for the future,” said JEA Chief Financial Officer Ted Phillips. “Strong credit ratings are not just financial measures — they reflect the value of disciplined management, stable leadership and responsible Board oversight, and they directly support our ability to fund critical infrastructure responsibly, maintain access to capital markets and reduce long-term costs for our customers.
JEA is among the largest community-owned utilities in the United States, serving more than 540,000 electric customers and providing water, wastewater and reclaimed water services to Jacksonville and portions of neighboring counties.
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About JEA
JEA is a municipal utility providing safe, reliable, and affordable services to more than one million residents across four Northeast Florida counties. JEA is not owned by investors and does not earn a profit. It was created by the City of Jacksonville to meet the electricity, and water needs of those who live in Jacksonville and surrounding communities. JEA’s 2,300-plus workforce is dedicated to meeting customers’ needs — both today and for generations to come — while protecting natural resources and supporting regional growth and economic development. Learn more at jea.com.