Fitch downgrades JTA’s credit rating, cites weakened financial resilience amid $40M budget shortfall

Fitch Ratings has downgraded the Jacksonville Transportation Authority’s issuer default rating two notches, from AA+ to AA-, and assigned a negative outlook, citing weakened financial resilience as the agency works through a nearly $39 million budget shortfall.RELATED: ‘JTA is a nightmare’: City councilman calls for former JTA CEO to testify over $40M financial crisisThe rating action, announced Oct. 21, comes as JTA faces scrutiny over its budgeting, financial controls and oversight. Fitch’s downgrade could make future borrowing more costly, though its full rating analysis should be consulted for details on the agency’s outlook and debt.JTA’s shortfall has led to nearly 200 layoffs and service reductions, including bus-route changes and longer waits for some riders. Jacksonville City Council approved a plan to provide up to $30 million in local gas-tax revenue to help stabilize the authority.City auditors told a council oversight committee this month that JTA’s financial problems may