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Moody's raises outlooks on TECO, Tampa Electric to positive

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Moody's raises outlooks on TECO, Tampa Electric to positive

Moody's on Dec. 19 revised its outlook on TECO Energy Inc., TECO Finance Inc. and Tampa Electric Co. to positive from stable.

"The positive outlooks of TECO Energy, TECO Finance and [Tampa Electric] reflect our expectation that Emera Inc. will continue to focus on debt reduction across the entire corporate family, particularly at the TECO Energy intermediate holding company level, such that its debt will decline to less than 10% of consolidated TECO Energy debt in 2020," the rating agency wrote in a report.

The outlooks also reflect the firm's expectations that the Florida regulatory environment will remain credit supportive to Tampa Electric by providing timely cost and investment recovery mechanisms and that the Emera subsidiaries' financial profiles will remain stable.

The rating agency also affirmed the Baa2 senior unsecured ratings of TECO Energy and TECO Finance and the A3 issuer and senior unsecured ratings of Tampa Electric.