Fitch affirms TECO Energy

Fitch Ratings said it affirmed TECO Energy, Inc.'s long-term issuer default rating at BBB, short-term issuer default rating at F2 and senior unsecured notes ratings at BBB.

The agency also affirmed its fully guaranteed finance subsidiary TECO Finance's long-term issuer default rating at BBB, short-term issuer default rating at F2 and senior unsecured notes rating at BBB.

The agency also affirmed the issuer default rating of Tampa Electric Co., Inc. at BBB+.

The outlook is stable.

The ratings are supported by its solid credit metrics and the consistent financial performance of its regulated utility subsidiary Tampa Electric, which provides more than 80% of consolidated operating EBITDA, Fitch said.

The company's financial results have improved steadily in recent years with significant debt reduction and stronger cash flow generation at the utilities due to higher base rates that went into effect in 2009 and 2010, the agency said.

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