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S&P: TECO Energy unchanged
Standard & Poor's said Monday that the ratings and outlook on TECO Energy Inc. (BB/stable/--) would remain unchanged following the company's announcement that the Union and Gila River plant entities would likely seek Chapter 11 bankruptcy protection.
S&P said it views the action as consistent with TECO Energy's previously articulated strategy of reducing exposure to unregulated power businesses. TECO attempted to transfer ownership of the Union and Gila River plants to project lenders, but the bank group has been unable to reach an agreement on posttransfer operating terms.
The decision to seek Chapter 11 protection for the plant entities is a step toward completion of the plant sales.
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