S&P: TECO Energy unaffected

Standard & Poor's said the ratings and outlook on TECO Energy Inc. (BB/stable/--) would remain unchanged following the company's announcement that it would record noncash, after-tax impairment charges of about $480 million related to TECO's remaining merchant power assets in fourth-quarter 2004. The company previously indicated that the charges were possible to align the carrying value of the power stations with current market conditions, according to S&P.

S&P said it views the write-down of the value of the generation assets as consistent with TECO's previously articulated strategy of reducing exposure to unregulated power businesses.

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