{"id":436899,"date":"2026-10-24T16:38:07","date_gmt":"2026-10-24T16:38:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/436899\/"},"modified":"2026-10-24T16:38:07","modified_gmt":"2026-10-24T16:38:07","slug":"fitch-downgrades-jtas-credit-rating-amid-40m-budget-crisis","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/436899\/","title":{"rendered":"Fitch downgrades JTA\u2019s credit rating amid $40M budget crisis"},"content":{"rendered":"

JACKSONVILLE, Fla. \u2014 One of the world\u2019s \u201cBig Three\u201d credit rating agencies, Fitch Ratings<\/a>, downgraded its rating of the Jacksonville Transportation Authority this week.<\/p>\n

The rating comes amid a major financial crisis for the transportation authority, which is facing a near $40 million budget shortfall.<\/p>\n

RELATED: Jacksonville City Council approves $30 million loan for JTA amid financial crisis<\/a><\/p>\n

Fitch lowered JTA\u2019s credit rating from \u201cAA+\u201d to \u201cAA-.\u201d<\/p>\n

The downgrade reflects changes in how the rating agency assesses JTA\u2019s financial standing. <\/p>\n

Fitch Ratings cited a \u201cdiminished financial resilience assessment\u201d compared to the agency\u2019s past evaluation.<\/p>\n

Council President convenes new committee to conduct autopsy on JTA financial troubles<\/a><\/p>\n

The credit rating agency also highlighted concerns regarding the transit authority\u2019s fiscal outlook, specifically noting JTA\u2019s \u201cability to solve current budgetary problems.\u201d<\/p>\n

JTA continues to face scrutiny over its budgeting, financial controls and oversight as it faces subpoenas from the state\u2019s attorney general<\/a> and a thorough audit by a committee of city council members.<\/a><\/p>\n

RELATED: New subpoena issued in Florida AG\u2019s investigation of JTA seeking emails between mayor, CEOs<\/a><\/p>\n

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