JEA gained a credit upgrade this week from Moody's for its financial performance and its leadership changes, a boost in the utility's standing three years after former JEA board members had warned the utility faced an oncoming "death spiral" and "financial cliff."
Moody's upgraded ratings on about $1.6 billion of JEA debt securities, moving them to A1 from A2 on most of the debt and from to A2 from A3 on the remainder.
The higher score reversed a prior Moody's downgrade in 2018 after JEA and the city of Jacksonville tried to get out of a contract to purchase electricity from the Plant Vogtle nuclear reactors being built in Georgia.
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