S&P affirms TECO Energy

Standard & Poor’s said it affirmed its ratings on TECO Energy Inc., Tampa Electric Co. and New Mexico Gas Co., including the BBB+ issuer credit ratings, and removed the ratings from CreditWatch, where S&P placed them with positive implications on Oct. 27, 2014.

The outlook is positive.

S&P also affirmed its BBB rating on TECO Energy’s senior unsecured debt and the BBB+ rating on Tampa Electric Co. and New Mexico Gas Co. Inc.’s senior unsecured debt. The short-term rating on Tampa Electric Co. remains A-2.

TECO Energy Inc. reported on July 6, 2015, that it was not able to reach a definitive agreement with respect to the sale of TECO Coal under its nonbinding letter of intent with a potential purchaser.

“The positive outlook reflects our view that the company’s management team is still committed to selling the coal business,” said S&P credit analyst Obie Ugboaja in a news release.

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