JACKSONVILLE, Fla. — One of the world’s “Big Three” credit rating agencies, Fitch Ratings, downgraded its rating of the Jacksonville Transportation Authority this week.
The rating comes amid a major financial crisis for the transportation authority, which is facing a near $40 million budget shortfall.
RELATED: Jacksonville City Council approves $30 million loan for JTA amid financial crisis
Fitch lowered JTA’s credit rating from “AA+” to “AA-.”
The downgrade reflects changes in how the rating agency assesses JTA’s financial standing.
Fitch Ratings cited a “diminished financial resilience assessment” compared to the agency’s past evaluation.
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The credit rating agency also highlighted concerns regarding the transit authority’s fiscal outlook, specifically noting JTA’s “ability to solve current budgetary problems.”
JTA continues to face scrutiny over its budgeting, financial controls and oversight as it faces subpoenas from the state’s attorney general and a thorough audit by a committee of city council members.
RELATED: New subpoena issued in Florida AG’s investigation of JTA seeking emails between mayor, CEOs
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