Fitch rates Emera debt BBB, rates Tampa Electric A-

Fitch Ratings said it assigned a long-term issuer default rating of BBB to Emera Inc.

In addition, Fitch assigned Emera US Finance LP a BBB senior unsecured debt rating.

Emera provides full guarantee of Emera Finance's debt and, as such, the unsecured debt ratings of Emera Finance reflect Emera's credit quality, Fitch said.

The agency said it assigned an A- long-term issuer default rating to Tampa Electric Co., which operates regulated electric and gas utilities in Florida and is Emera's largest subsidiary.

“Emera's ratings and stable outlook reflect its successful integration of TECO Energy, ownership of financially sound regulated utilities operating in favorable regulatory environments, exit from riskier non-regulated power generation business in the U.S., and a commitment to strengthen the balance sheet and reduce parent-level debt, which has culminated in a recent announcement to sell its Maine utility,” the agency said in a news release.

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