S&P upgrades TECO ratings, cites rate increases, risk management - Tampa Bay Business Journal:

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The New York-based rating agency also raisedthe short-terkm rating on Tampa Electric to form 'A-3'. The outlooik on all entities is stable. TECO TE) has roughly $3.3 billion of debt outstanding, S&Po said in a release. The higher ratingse on TECO and Tampa Electri reflectthe company's ongoing commitment to credit the release said. That has been achieve “by shedding some of its unregulated businesses, restorin its balance sheet toan investment-grade level, and focusinyg its attention on improving the utility's financial performanced through regulatory initiatives and cost control amid a stagnant service territory economy,” the S& analysts said.
TECO's business strategy is centered on the operation ofits high-quality electric and gas utilities located in historically high-growthj areas of Florida. Recent rate increases will providde a solid earnings and cash flow base on which to manages throughthe recession, and that’s evidence the utilitieds effectively manage regulatory risk, S&P said. Continued exposures to greater business risk in ventures outside of including coal-mining operations in Appalachia and electricf distribution and generation overseas, detrac from credit quality, it warned.
“The stablre outlook on TECO and subsidiaries is baserd onthe company's commitment to the redefinerd business strategy, the reconfigured and still improving balancee sheet, timely regulatory approvals to recover costs, and a stabilizedr economic picture in greater Tampa that begins to improvre in 2010.” S&P said a negative outlook or a downgradw is unlikely, but some combination of an extended recessiohn in Florida, weak coal demand, or an impairment of the Guatemala investmentg because of adverse regulatory or operationall developments could put pressure on ratings.