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/C O R R E C T I O N -- DUFF & PHELPS/

 In NY023, which moved on July 9, Duff & Phelps Rates Tampa Electric Company Project, new information has been gathered and the following release is to be substituted for it:


DUFF & PHELPS: HILLSBOROUGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, FLORIDA $85.950 MILLION POLLUTION CONTROL REVENUE REFUNDING BONDS, SERIES 1994 PRELIMINARY RATING `AA-' (TAMPA ELECTRIC COMPANY PROJECT)
 CHICAGO, July 14 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a preliminary rating of `AA-' (Double-A-Minus) to Hillsborough County Industrial Development Authority's (Florida) proposed offering of $85.950 million of pollution control revenue refunding bonds, Series 1994 (Tampa Electric Company project). The bonds will be issued in December 1994. Proceeds will be used to refinance a portion of the cost of certain pollution control facilities.
 The bonds will be secured solely by an assignment and pledge of rights under an installment purchase contract with Tampa Electric with principal and interest payable from installments under the contract.
 Tampa Electric has a conservative capital structure, good earnings quality, and a growing service territory. The company's financial position has benefited from off-system sales efforts and aggressive cost containment programs. Continued support from the historically supportive Florida Public Service Commission will be necessary as the company's construction program accelerates to meet projected demand in the mid-1990s. Construction expenditures will increase in 1993 and 1994 for the 260 mw Polk County combined cycle plant, scheduled for service in 1995 and 1996. The company's most recent rate order, effective February 1993, provided increases of $1.2 million and $17.4 million for 1993 and 1994, with an allowed return on common equity of 12 percent. Capital contributions from parent TECO Energy also are expected to help support the capital structure.
 Tampa Electric, the largest subsidiary of TECO Energy, provides electric service to more than 475,000 customers in a 2,000 square mile area of west central Florida.
 -0- 7/14/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (TE)


CO: Tampa Electric Company ST: Florida IN: UTI SU: RTG

WB -- NY082 -- 1601 07/14/93 16:41 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
Words:342
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