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Fitch rates TECO notes BB+
Fitch Ratings said it assigned a BB+ rating to TECO Energy Inc.'s new $100 million issue of senior floating-rate notes due May 1, 2010.
The outlook is stable.
The net proceeds of this offering, together with cash on hand, are expected to be used to redeem or repurchase in full the $380 million of 10.5% notes due 2007.
TECO is a holding company that owns electric and gas utilities in Florida as well as coal, barge, Guatemalan power and other small operations. Together, the two regulated utilities are expected to provide approximately 80% of income in 2005.
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