S&P affirms TECO, ups outlook to positive

Standard & Poor's said it affirmed its BB corporate credit rating on TECO Energy Inc. and revised its outlook on the company to positive from stable.

The outlook revision follows the enactment in Florida of a power plant law designed to encourage development of a type of "clean coal" generation that TECO intends to build, the agency said.

S&P said it also affirmed its BBB- corporate credit rating on Tampa Electric Co. The outlook is stable.

According to the agency, the ratings on TECO reflect a satisfactory business profile and an aggressive financial profile that includes high debt leverage incurred as part of merchant power ventures that have been mostly abandoned.

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