S&P: TECO Energy unchanged

Standard & Poor's said that TECO Energy Inc.'s (BB/stable/B-1) announcement regarding the curtailment of its synthetic fuel operations will not affect the rating or outlook on the company.

The agency said that the curtailment, which was expected, is in response to the sustained high oil prices whose price triggers a phase-out of the tax credit associated with the synfuel production.

S&P said it expects that the upcoming holding company maturities of about $350 million due in 2007 will be paid from available cash and is not dependent on synfuel cash flow.

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