TECO Energy comments on Fitch ratings action
TAMPA, April 25, 2003
TECO Energy (NYSE: TE) today responded to Fitch Ratings' action to downgrade its senior unsecured debt rating to BB+.
Senior Vice President and CFO Gordon Gillette said, “While we’re disappointed in this action by Fitch, it does not change our situation. It does not trigger requirements related to TECO's financial obligations or debt covenants, and it does not impact the business plan we announced on April 11. We are moving forward to reduce our merchant power risk and refocus on our proven utility operations.”
Tampa Electric continues to be rated a strong investment-grade company with an A- rating.
TECO Energy, Inc. (NYSE: TE) is a diversified energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions